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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

Update

Wednesday is my 36th Birthday! Good Lord! I feel 16 still but I guess that is a bit odd when you have a 17 year old. Lately we have been taking it easy. Didn't do much this weekend and didn't drink all that much either. Sometimes we need a break, right? 

We planned on hitting up the Lafayette Rams, Jamestown Eagles game Friday night but this coastal storm brought rain most of the weekend. Instead we chilled, talked with a friend of mine I haven't seen in a bit and hit the bed early.

Saturday morning I got ready for my Open House. Pulled on my Hunters and pushed signs into the wet earth. I had a couple of people stop by but the house being on this tall hill kept some from coming in. I would wave as they circled the cove and drove by. Well, when you know what you want... 

Saturday evening was our Rookie Dinner. We dined on amazing homemade meatballs, chicken parmesan and this amazing Italian sauce. It was delightful. Came home around ten. I waited until Douglas made it home from her job and I closed my eyes. 

Sunday I shampooed the carpets, watched my Raiders win and tried to finish the book I'm ready before our vacation. I'll tell you more about it later. 

About to cook dinner. Getting Joe to fry up the chicken and having a lemon butter sauce.

Oh, and I was in the paper this weekend. 

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