1st Home Buyer Help

Buying A Home: Reports And Inspections
When you are buying a home it seems like there are so many reports and inspections needed. You are advised to get the home appraised, inspected, checked for termites, surveyed and so on. Why are there so many different reports? Each report will tell you something different although some clearly have overlaps. But they all offer something that other report won t cover. Lenders make loans on the sales price or the appraised value -- whichever is less. The appraisal is an estimate of value by an independent third party. This reduces the lender s risk by assuring that the property is worth what ..

Home Buying Terminology -- What s An Appraisal?
During the home buying process, you’ll hear the term appraisal mentioned at some point. Chances are, you already have a general idea what this term means. But when it comes to mortgages and home buying, you need to know exactly what an appraisal involves and how it affects you. First, a definition: Appraisal -- A professional appraiser’s estimate of the market value of a property. Appraisals take into account the local market conditions and the characteristics of a property. They are required by most lenders. In other words, the appraisal is the lender’s way of determining a realistic ma ..