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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

Virginia Is For Lovers

We stopped at the rest area on 64 right before Williamsburg when we were almost home from our Thanksgiving holiday in Memphis and this is what we shot. 

Douglas is trying out the pink headband look from the 80's along with the dirty white tennis shoes and black socks. 

I understand why bad fashion design never dies. 
Kids, they think they can bring anything back and make it better. 

You can't get Sage out of this red, Berkeley hoodie and Ava is mad because she wanted the V.

Comments

  1. This post made me laugh!! This is a lovely photo! I was in Virginia for Thanksgiving... it was freezing!!

    xo
    Rachel

    ReplyDelete

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