Kirk and Terry Blog

Q. We are having our house appraised next month.  What do I need to know beforehand, especially if the appraisal is too low? 

A. The purpose of a real estate appraisal is to establish a property’s value for financing purposes. This is different from a comparative market analysis (CMA), which real estate agents use to estimate a true market value. Professional appraisers are licensed and regulated by each state and follow federal guidelines.

The appraisal is a detailed report that is required by a lender to secure a loan. The appraiser’s job is to determine the valuation of a property by inspecting the property, taking measurements, examining the location of the property, comparing it to at least three similar properties, and evaluating the real estate market in the area.  It’s important to note that an appraisal is not a home inspection.

If the appraisal comes in too low…keep your cool.  If the house appraisal is lower than the sales price, the loan may not be approved.  Many times there are several things you can do to fix or correct any problems and flaws that may have been found.

Learn How To Maximize The Value Of Your Home! 

Did you know there’s a free consumer report showing which repairs and fix-ups will net you the most value for your home?  It’s call the “Homeseller’s Guide To Money-Making Fix-Ups,” and it’s great even if you’re not planning on selling soon.  You can get a free copy by visiting our webstie at…

www.MarcsHomes.Com

Saving money is easier than you think.  In fact, you can find “66 Ways You Can Save” (from transportation, mortgages, banking, housing, energy, to insurance and more) at www.ftc.gov - Facts for Consumers. Here are a few simple ideas you’ll find:

1. Skip the ATM.  It’s amazing how many people burn up cash in a short time using the ATM. 
2. Track Your Monthly Spending.  When you know where you’re spending your money, you can make adjustments where necessary.
3. Pay Cash. You’ll save money by not paying interest on credit cards, and when you’re out of cash…you’ll stop spending.
4. Reduce Your Debt. Pay off your smallest balance first, then move to the next smallest debt, double the payment, and continue on until you’ve paid off your debt.
5. Lower Household Expenses.  Combine trips to save on fuel, and eat more meals at home.  Turn the thermostat down in the winter to save on home heating bills and you can save a bundle.
6. Look for the Deals. Shop discounts and closeout sales, and keep an eye out for coupons and rebates on items you plan to purchase.

More Free Real Estate Tips! 

Find TONS of free information about our local Richmond real estate market. Visit my site at:

www.MarcsHomes.Com