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Why is an Appraisal Important When Buying or Selling a Home?

One the biggest components in buying a home when a lender is involved includes an appraisal. If you buy a home with cash and sometimes with a conventional loan, you can bypass this step. With an FHA loan and an VA loan, you cannot.  What is an appraisal?  In simple terms and Appraisal is a valuation of property.  An appraisal ordered for the purchase of a home is to determine if the price agreed upon by seller and buyer is acceptable by the lending institution. If an appraisal comes in low, the lender will likely decline to fund the deal. Unless the buyer is willing to come to the contracted price the deal to purchase can fall apart.  So what happens if the Appraisal come in Low? Sometimes a buyer will pay over the appraised value in order to buy the home. Sometimes the seller will lower the contracted price to the appraised value in order for the deal to continue. Sometimes the deal falls apart.  Loan types will determine what you can do as a buyer to get past the low appraisal. A con

Visit Chinatown: New York City




When you get off the subway at Grand St. and Chrystie, you pop up into a world unlike what many people know. I saw a man reading a newspaper in Chinese Characters, a small child spoke in terms unheard of to me and street markets are the way to buy your food. What an amazing experience and one I will not forget forever.





Comments

  1. Oh, New York, how I miss thee. I used to visit NYC frequently when I lived on the East Coast. Love Chinatown! Great photos! Looks like you guys had fun!

    xo
    Rachel

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