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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

Because We Love the Lake



















We went to lake this weekend with the friends we went to Snowshoe with this past weekend. Unfortunately Douglas had to work so she stayed with my mom in town and did just that. We headed down after girls were through with school for the year and popped into Bojangles for the Bo Time Box. Put the boat in and I watched Joe speed off in it only to later have it poop out on us. Luckily we were able to use the pontoon boat but its not the same. Saturday we spent all day on the water and at the beach. We had a nice dinner of lasagna, asian salad and bread dripping in butter. Sunday we went back out for awhile, towed the boat and headed home. I love weekends. 

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