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Home Appraisals – What Do They Look For?

D Fritz Appraisals

How Home Appraisers Decide on the Value of Your Property. There are many reasons you may need to know the value of your property and for this, you need a home appraisal. Home appraisals are a vital part of the home buying process as they have a big influence on the amount a lending institution will loan the buyer.

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Pre-Appraisal Checklist for Homeowners

D Fritz Appraisals

Whether you’re selling, refinancing, dividing assets, settling an estate, or determining capital gains on an income property , it pays dividends to be prepared for your home appraisal. The benchmark for your home’s worth, an appraisal is a legal document that determines the fair market value of a property.

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Say What? Home-Buying Lingo You Should Know

Zillow

Approved for short sale : A term that indicates that a homeowner’s bank has approved a reduced listing price on a home, and the home is ready for resale. Look for this accreditation or something similar when shopping for a home inspector.). Buyers should budget for an amount that is 1% to 3% of the home's purchase price.

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What’s Included in Closing Costs?

PennyMac

From taxes, to inspection fees, to mortgage fees, you’ll need to make sure each party is paid to fully purchase your home. If you live in a flood zone, you’ll need to pay a flood inspector from the Federal Emergency Management Agency to certify your home. Lead-Based Paint Inspection. Pest Inspection.

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Important Mortgage Acronyms

Assurance Financial

An earnest money deposit or EMD is a percentage of the home’s sale price , usually about 1 to 3%. If all goes well with the process, the EMD is applied to the final price of the home. If the house doesn’t pass inspection or the sale doesn’t go through due to an allowable contingency, the buyer gets the EMD back.