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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

Don't Wait Buyers--- If It Feels Right--- It is.

I love helping buyers find their dream home. I don't always love when my buyers don't see the right one, right away. As a Realtor, many times we "know" the house before you do. A great buyer's agent should ask enough questions about your likes and dislikes and get to know how you live in a home so that when "The One" comes along we are ready to jump as quickly as you are!

The worst is when we "know" it and you don't see it until it is under contract.

Of course, I would never tell you you are missing out because that is rude and it isn't my job to talk you into a home. The thing is, this typically becomes the turning point in home buying. This is when you as the buyer realize that sometimes waiting is the worst thing you can do.

Like the time when I know I had to have this Leopard Coat I LOVED but knew husband doesn't care for animal prints so I left it at the store. Then I thought about it all night. I even dreamed about it. The next morning I decided I didn't care if he didn't like animal prints are not. I was going to rock winter in that coat and headed back to get it.

You know what happened.

It wasn't there.

It was the worst feeling.

That will never happen to me again.

Unfortunately this happens in my business all the time. The one thing my mother always told me:  "If you love it, get it then. Not later."

So starting today, let's all do ourselves a favor! Get it when the getting is good. Not when you have to take seconds.




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