Appraisals for lending purposes can have a major effect on you whether you’re purchasing or refinancing a home. When buying a home, the mortgage appraisal indicates whether you are paying a fair price, getting a “deal,” or possibly paying over fair market value. Successfully refinancing a home, particularly if it’s a cash-out refi, depends on the fair market value (FMV) as determined by the appraisal. If your appraisal comes in lower than expected you may face some critical decisions as a result.
Continue reading “My Home Appraisal Came in Low…What Now?”
If you own a home and plan on selling anytime soon you may want to think twice before bringing that cute little puppy home from the pet store.
Before I start let me preface this by saying that I love pets including dogs however; were talking reality here and the simple truth is that homes with pets usually sell for less than homes without. The degree of a home’s loss in value for having a pet depends entirely on how much impact the pet has had on the condition and presentation of the home.
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Did you realize that all appraisers are NOT equally qualified and in fact, they’re far from it!
In today’s ever changing real estate market, it’s important you not only work with the most knowledgeable and experienced appraisers in your area but also the most qualified to help you make sound real estate decisions. When you hire an appraiser with an SRA designation you can rest assured that you’ve made a great choice.
Continue reading “SRA Designated Appraisers vs. Your Average Appraiser”
An often overlooked FHA item that must also meet minimum requirements in order to get the green light from FHA is the water heater. The very minimal of these requirements, taken from the Homeownership Center Reference Guide, are:
- All water heaters must have a non-adjustable temperature and pressure relief valve and overflow pipe.
- The water heater must comply with local building codes regardless of its location including the presence of double earthquake strapping and proper venting.
- Rental water heaters are not acceptable.
This seems pretty basic however; the following are some points of interest that both appraisers and home inspectors alike look for during their inspections.
Continue reading “FHA Water Heater Requirements”