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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

Residential Development Will Replace Spotswood Golf Course

Interesting news!


Colonial Williamsburg president Cliff Fleet has announced that the Spotswood par-3 golf course, part of the Golden Horseshoe Golf Club, will be developed into a residential neighborhood in close proximity to Merchants Square, the College of Williams & Mary and other downtown Williamsburg amenities. That will leave the Golden Horseshoe with two highly regarded 18-hole golf courses, the Green and the Gold.

In an email to Golden Horseshoe members, Fleet said the nine-hole Spotswood course "has been underutilized for many years,” and that its land would be redeveloped “into a high-quality, walkable” neighborhood that will sit adjacent the Williamsburg Inn and the Golden Horseshoe club.

No timeframe was announced for the project, which Fleet wrote is in the very early stages of planning. Fleet said Colonial Williamsburg believes “this initiative will significantly enhance Williamsburg as both a destination and a community.”

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