appraisal issues: Did You Get A Good Deal Or Lower The Value Of The Home You Bought?
- 03/10/12 10:58 AM
You are excited. You're telling all your friends about the great deal you got on your new home. You bagged the home at $25,000 less than the last neighborhood sale. You're doing the dance of joy. But should you be?Granted everyone loves to get a deal but your deal may not be as great as you think. You didn't really gain $25,000 in instant equity. Why? Because the value of all of the future sales in the neighborhood has been lowered. Appraisers are going to use the sales price of the home you purchased as a comparable for the next sale … (16 comments)
appraisal issues: What Happens if the House You're Buying Does Not Appraise?
- 01/19/11 10:53 AM
Though appraisal issues are talked about less today than they were a few years ago when changes were made to how appraisers were assigned to properties they still occassionally happen. Most times a solution can be found. In the rare cases when the buyer and seller can not agree a buyer has the right to cancel the transaction.
What Happens if the House You're Buying Does Not Appraise? If you are purchasing a home and financing it with a mortgage, the bank will require an appraisal of the property to determine its market value before committing to a mortgage. … (4 comments)
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Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
You are excited. You're telling all your friends about the great deal you got on your new home. You bagged the home at $25,000 less than the last neighborhood sale. You're doing the dance of joy. But should you be?Granted everyone loves to get a deal but your deal may not be as great as you think. You didn't really gain $25,000 in instant equity. Why? Because the value of all of the future sales in the neighborhood has been lowered. Appraisers are going to use the sales price of the home you purchased as a comparable for the next sale … (16 comments)
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