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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

Williamsburg Hot Sheet for January 18th- January 25th

 A Note from Liz:


Welcome to the Crazy Land of Multiple Multiple Offers!  

The market hasn’t been this fast-paced since 2004-5.


Thankfully, the housing market is far more stable than it was then, and hopefully we will continue to see listing inventory expand in the coming months.

So what does this mean for Sellers?

If you are wanting to sell a house right now, you can expect to at least get your asking price--- maybe more. Also this means that most offers are not asking the seller to pay closing costs--- a savings of 3% in your pocket!

The time is now to sell if you are wanting too!

What does this mean for Buyers?

If you are wanting to buy--- interest rates are amazing so expect to pay less for a house over the course of your loan and your monthly note. Just be aware that there are many buyers out there who are offering over asking price and paying their closing costs. When you make an offer you mus be realistic in your offer.

Are you interested in moving forward? Let's talk!!

Leigh Ann



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