When you buy a home, there is a team of players on your side helping you through the transaction -- it is a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention. Besides working with a professional team that you trust, it's important that the individual players have the ability to effectively communicate and … [Read more...]
How To Value A Property That Is Not Yet Built
It's obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges. Appraisals on homes that haven't been built yet generally require the contractor and home buyer to supply more documentation in order to get a more accurate … [Read more...]
Five Myths About Home Values in Arizona
During periods of economic growth, when home values are typically just going up, most homeowners do not question appraisals much. And in times of turmoil when property values are declining, home sellers and even listing agents quite often question and pick apart appraisals. However, the actual appraisal process changed very little over the course of the housing boom and bust cycle American … [Read more...]
Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices
Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street? It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer. The distinction lies in the purpose of the two valuations and who is responsible for creating them. Appraisals: The purpose of an appraisal is to … [Read more...]
Should You Refinance? 4 Possible Reasons Why It May Make Sense
A mortgage is generally the largest debt most homeowners have to manage. It's a good idea to give your personal real estate finance portfolio a check-up at least once a year. Since there are many reasons a homeowner may choose to refinance, we'll take a look at the four most common. 1. Mortgage Rates Drop: Typically, the most common reason that homeowners refinance their mortgage is to … [Read more...]
What Appraisers Look For
Many people are not 100% certain as to what appraisers look for when determining the value of a real estate property. One of the more common misconceptions that many people have is that once the appraiser looks at their home, the appraiser knows the value. But -- the honest truth is that the appraiser actually has a good idea of the property's value by the time they have scheduled an … [Read more...]
HomePath Mortgage Loan: No Appraisal Required
One of the great things about the HomePath Mortgage Loan program is that no appraisal is required by the lender in order to be approved for the loan. However; just because no appraisal is required, doesn't mean that people won't want to actually get an appraisal done so they can have the piece of mind that they are getting a good deal on the home they are buying. For the HomePath mortgage loan … [Read more...]