Okay, so let's say you got a contract for $450,000, but the appraisal came in at $425,000. Maybe you don't have $25,000 extra to throw at it. If you're the buyer, you're trying to get creative and think of other solutions.
Maybe you go b...
So what do you do if there is an issue with the appraisal?
Let's give an example. You purchase a house for $450,000 and the appraisal comes back and it's $425k. Now, what do you do?
Well, in our contract, and again, this is the Centra...
So maybe you've followed along with my appraisal series, maybe you're in a transaction, maybe you're contemplating what might happen in a transaction and you're thinking, but Cindy, we don't want to put an extra $10,000, $20,000 in a house ...
All right, so let's talk about the nuts and bolts when we're talking about appraisals. Who pays for the appraisal anyway? And if I'm selling my home, and somebody's gonna come in and put a value on it, that's different than the value I put ...
So we know what the appraiser does, who they are kind of, but who picks them? And okay, I can't pick them. But who does? And how does that affect me?
Well, if you're the purchaser, you really don't have any input on the appraisal process...
So I've seen a couple of things in the past day on social media talking about getting your pre-approval letter, getting pre-qualified with a lender, and getting ready to buy a home. So I wanted to clarify a couple of things.
One thing th...
I may have mentioned before, back in the olden days before the mortgage crisis of 2007/2008, the appraisers were able to be chosen. So, maybe somebody had a specialty in the city of Richmond and that is the appraiser that everybody would ca...
So one of the questions I get asked a lot is, "Is Richmond a good place to invest in real estate?". And I would say, yes. I'm probably a little biased, because I love it here, but yes, it is. And there are a few reasons for that.
...
Let's talk about timing the markets. I think it's a thought that sounds really good in theory, but in practice, it's a little difficult.
So obviously, we always want to sell high and buy low. I think that's kind of the idea that we all h...
So we've talked a lot about whether it's a buyer's or seller's market and obviously all the data shows, and anecdotally, I can attest to the fact that it is still very much a seller's market here in central Virginia, in the metro Richmond a...