What is an Appraisal ?
Recently appraisals have hit the spotlight because of the increased restrictions / guidelines / expectations placed on them. In fact, appraisals can often be the make or break step of a deal right now.
If an appraisal summizes a home value to be lower than the projected loan amount the lending company will usually deny the loan. The reason being that the home is their collateral against the money they are lending. So should the borrower default, or stop paying their mortgage, the lending company wants to be sure they can sell the home for enough to cover their loan amount.
This video at the link below provides a great insight into 'Understanding Appraisals" - critical for all Buyers and Sellers to know these days, as it can greatly affect both parties.
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Sheldon Neal is a Full Time Realtor® with RE/MAX, specializing in Homes For Sale in Central and Northern Bergen County, NJ.
Sheldon is also a proud Bergen County resident !
If you are looking for Bergen County Realtors, call local expert Sheldon Neal for all your Bergen County
Buying & Selling needs !
Sheldon Neal ~ RE/MAX REAL ESTATE LTD.
cell: 201-481-2891
email: SheldonNeal@remax.net
website: www.SheldonNeal.com
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Great little find, Sheldon. Explains the process simply for the consumer. If you don't mind I might use it for my website.