If you are thinking of buying or selling a home in San Antonio or anywhere else, you need to click on the link in this post submitted by that British agent, Sheldon Neal.
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.
Understanding Appraisals
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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
Hablamos español.
As an SRES® designee, I have received additional education on such topics as tax laws, probate, estate planning, equity conversion strategies, and can offer you information on current market trends as well as valuable resources regarding real estate transactions.
Shirley
thanks for sharing the video
Shirley - The appraisal process has changed a tad in recent years. And you're right, they certainly can make or break a deal. The appraisals that often give us the most grief, come from out of town appraisers, that don't know the area.
Shirley YES most don't understand the expense and why's feel if the home has a value it should be right or lender needs 3rd party represent them Have a good week