Why having an appraisal done on a home is a valuable tool
Buying a home is a busy, often confusing time. Especially when the Realtors and Lenders start throwing terms around. And while some of the words sound like fancy names for the same thing, that’s not always true. Often, the Home Inspection can get confused with an Appraisal. Yes, someone is coming to your home to look, poke around, and take notes about the what they find. But the Inspector and the Appraiser are two very different individuals, performing two very different tasks.
APPRAISAL
noun
A formalized procedure that involves collecting and analyzing facts necessary to estimate the value of real property.
Property value is based on a number of factors, such as location, amenities, structural condition, and recent sales of similar local properties. The appraisal process is done by an Appraiser. They will perform a walk-through of the property, and note anything that can potentially alter the home’s value. For example, if the home has a swimming pool in the backyard, but swimming pools aren’t popular in the area, it might not add much value to the property. In some cases, it may even detract from it.
The appraiser’s report will contains the appraiser’s opinion of value and the factual basis for that opinion. Appraisal reports range from fairly simple boilerplate reports to lengthy complicated narratives, depending on the type of property being appraised and the client’s needs. The appraiser will give final report to the lender, who is required to show it to the buyer. Make sure to obtain a copy for your own records.
The JS Realty Team @ Samson Properties is well versed in all facets of the buying and selling process. If you are in the market to buy or sell a home, please contact us today! We proudly offer a no obligation, free home analysis and consultation.
What does “Short Sale” really mean?
Option 2 – Sell Short. This option requires you to ask the Lender if they would be willing to allow you to sell your property as a short sale and forgive you the amount you owe, plus closing cost.
You make an offer on your dream home and within your offer there are several areas that you fill in that reference the word “contingency” – what does this mean, and why is it important?
you are allowed to void the contract and receive your 
From the Seller’s prospective all of the contingencies are a risk, and if you make the contingencies too long or to aggressive, you risk turning the Seller off in regards to your offer. Most Sellers are looking for short timelines and to secure the strongest offer they can get. So the bottom line is, keep your contingencies to a reasonable and attainable limit, protect yourself, but also help instill confidence and security within your offer to the Seller.
BUYER TIP
So what does that mean in plain English? If you are purchasing a home, ratification of the contract begins the moment the contract has been delivered to all parties with ALL of the terms agreed to in writing. This is the moment when you all are committed to each other and the terms of which you have agreed to work under. This is the moment when the timelines that you set in the contract begin (unless otherwise stated that they begin based on other terms). So your Realtor is congratulating you on the fact that all parties have reached an agreement and will be moving forward.
point of being ratified, so getting your contract ratified means they are committing to your terms and no one else’s. Also, as the Purchaser, you will want to know when the home inspection deadlines, appraisal deadlines, financing contingencies and other contingencies actually start. You will want to ensure that you meet the terms of your agreement and stay within the timelines to protect certain rights of yours within the contract.
So, the next time your Realtor congratulates you on officially being “ratified”, you will know that this is in fact a great moment and worth a little celebration!