Buying a home takes several steps, especially if you’re like the majority of homebuyers who finance their homes. While you’re eager to get into your new house, you’ll need to practice patience in a few of the steps throughout the homebuying process. Here are some typical timeframes of the steps to buying a home.
You’ve been pre-approved for home financing, found a home and settled on a purchase agreement; now what? Whether you’re buying a home or refinancing your mortgage, the value of the property in question needs to be determined through a home appraisal. So how do appraisers attach value? Here are few first-time homebuyer FAQ’s about home appraisals and the answers.
As the U.S. rate of negative home equity dropped in the second quarter of 2015 and home prices in 20 major U.S. cities rose 5 percent in July from July 2014, a new study found that mortgaged U.S. homeowners could be severely underestimating their home equity.
Whether you are buying or selling a home, an appraisal is a necessary and extremely important part of the home buying (or selling) and financing process. So why did your appraisal date get pushed back? Here are some reasons and what you can do in the meantime.
One of the major contingencies to a home purchase agreement is a home inspection. After all, your home is likely the largest purchase you'll make in your lifetime. A home inspection gives homebuyers an idea of a home's condition, possibly indicating future repairs and safety issues.
In all cases in which a mortgage loan is used to purchase a home, your lender will require an appraisal of the home. Appraisals are used by lenders to determine a property’s value to protect their and their homebuyer’s investment. Home appraisals come in different varieties based on the type of financing used for the home, including conventional mortgage loan appraisals and Federal Housing Administration (FHA) appraisals.
You’ve been pre-approved for home financing, found your dream home, and made an accepted offer of $220,000; now what? Whether you are buying a home, refinancing your mortgage, settling a legal issue, or appealing property taxes, the value of the property in question needs to be determined through a home appraisal.
An appraisal is a professional opinion of a property's value by an independent, licensed appraiser. Whether you are buying a home, refinancing a mortgage, settling a legal issue, appealing property taxes or just need to know the current value of a property, the appraisal will provide a home's true property value. An appraisal will determine the market value of your home and give you a solid backing on which you can make the most of your real estate investment.
Online Estimate, CMA or Appraisal
Don't confuse an online estimate or comparative market analysis (CMA) with an appraisal. Online computer generated valuation providers offer an estimate of the value of a property. The accuracy is limited to the basic comparable data available that may be incomplete or incorrect; also, the program cannot physically inspect a property to verify the condition. Real estate agents use CMAs to help home sellers determine a realistic asking price. Experienced agents often come very close to an appraiser's opinion of value with a CMA, but an appraiser's report is much more detailed and is the only valuation report a bank or attorney will consider when securing a loan or settling an estate.