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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

Words That Won't Sell Your Home

Yesterday was Roundtable at Work. This is our Tuesday meeting from 9:30-10:30 each week. This week we got to listen to Loan Officer who works with many agents and people just like your wanting to sell their homes. 

These words really struck me and yes, Motivated and Must Sell homes SIT!


Words That Don't Sell

Must Sell

Value

Move-In Condition

Clean

New Paint

New Carpet

Ranch

Quiet

Vacant

Motivated



Happy Wednesday! 

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