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5 Steps To Safeguard Yourself From A Real Estate Bubble
As any internet stock investor can tell you, it is no fun to be in a bubble when it bursts. While there is still considerable debate about whether or not the recent run up in home prices represents a true bubble, it is certainly prudent for those in...
Much Ado About Mansionization?
Is there a perpetual shadow hovering over your house? Do you feel as though you live in a Batman movie? You may be the victim of a neighboring McMansion or a new development trend called mansionization, the housing industry's equivalent to bigger...
New Home Staging Can Help Sell Your Home
Home Staging should be done when you sell your home. Staging a home can bring you a much higher selling price and help you get offers on your home faster. A home staging professional can be hired to tour your home and direct you to make the changes...
Real Estate Investing Basics
Real estate investments may not be everyone’s cup of tea, but some people who have already tried investing in real estate know that it can be profitable. Real estate investment experts say there are several keys to making significant profits in...
Spring Into Action: Home Maintenance
Spring has sprung! Even more important than buds, birds, and bees, spring brings buyers! When buyers are looking for a place to nest, they would really rather not see problems. As it turns out, nearly every home inspected has problems or...
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Mortgage Qualification Problems – Low Appraisals
The real estate market in the United States is undeniably hot, hot, hot. This toward pace has resulted in an odd mortgage qualification problem – low appraisals. Here are your options if you get a low appraisal amount.
Appraisals
An appraisal is simply an effort by a qualified person to put a value on a property. The process involves a review of the property, other properties in the area and so on. Mortgage lenders always require appraisals, so you have to deal with appraisal problems if you are going to get the home.
Let’s assume you have perfect credit, make a ton of money and ready to put down a solid down payment. You are happy, the lender is happy and the only thing left to do is get the appraisal. Unfortunately, the appraisal comes in well below the price you have agreed to pay for the home. Now what?
First, you need to take a deep breath. Buying a home is an emotional process. Try to step back from the process and objectively analyze whether you are paying too much for the property. If you still want to proceed, take the appraisal to the seller and see if you can get the price lowered. A solution should be possible, but be prepared to walk away if it
isn’t.
Second, perhaps the fair market values of properties in the neighborhood are dropping. We are beginning to see the market cool off, perhaps more so in your particular neighborhood. If this is the case, kiss the appraiser in thanks for keeping you out of a bad deal.
Finally, the appraiser may simply be wrong. Appraisers are human and make mistakes. They may not know the neighborhood well. There are a variety of reasons you can get an appraisal that is “off.” If you suspect this is the case, check to make sure the appraiser is comparing the property to comparable homes in the neighborhood. If all else fails, have your own appraisal done for comparison purposes.
Ultimately, a low appraisal should be viewed as a potential red flag. If nothing else, you should take a closer look to make sure you aren’t getting a bad deal.
About the Author: Dan Lewis is a mortgage broker with http://www.gwhomeloans.com - San Diego mortgage brokers providing home loans and refinances.
Source: www.isnare.com
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