Understanding the appraisal process can befuddle even the most experienced real estate agent, let along a home buyer or seller. A few weeks ago in Ashburn, Virginia where some clients had a contract to buy a home, the Appraiser showed up to physically inspect the home a few days after the 21-day appraisal contingency expired. Yes, you read that Continue Reading
Sweating the Appraisal Contingency?
Image by wallyg via Flickr Almost every real estate sale involves an appraisal contingency designed to protect the home buyer and mortgage lender from paying too much for the property. Appraisals are generated by licensed appraisers who are contracted to generate a third party's opinion, using established criteria, to determine and document Continue Reading
HvCc appraisal flu hits Northern Virginia…
Home sellers and buyers in Northern Virginia have felt the pain of the HVCC, the Home Valuation Code of Conduct. These new guidelines (May, 2009) dictate how real estate appraisals are conducted for all mortgage loans that will be sold to Fannie Mae and Freddie Mac. Government insured loans such as FHA or Veterans Administration (VA) have not Continue Reading
Northern Virginia home appraisal X factor
You may think that you found the best rate for your home refinance, but there is an X-factor that may screw up the whole plan... and that is your appraisal! Also, see my response to a question on Trulia. Continue Reading
The “net price” of a real estate sale
After looking through some home sales data with a client in Oakton, it seemed like a good idea to clarify some of the determining factors when examining homes sales comparables that influence current pricing of homes. Determining a net sales price for a home is impossible if you are looking at recent sales data published in the local newspaper. Continue Reading
