Thursday, April 26, 2012
Tuesday, April 24, 2012
Home Inspections Are Not Appraisals
A property appraisal is a document that provides an
estimate of a property's market value. Lenders require
appraisals on properties prior to loan approval to ensure
that the mortgage loan amount is not more than the value
of the property. Appraisals are for lenders; home inspections
are for buyers.
The Federal Housing Authority (FHA), which is part of the
U.S. Department of Housing and Urban Development
(HUD), requires lenders to obtain appraisals of properties
securing FHA-insured loans. FHA requires appraisals for
three reasons:
The Importance of an Appraisal
Sales Comparison Market Approach
Cost Approach
Income Capitalization Approach
Home Inspections Are Not Appraisals
1) To estimate the market value of the property.
2) To make sure that the property meets FHA minimum
property requirements/standards (health and safety).
3) To make sure that the property is marketable.
The FHA appraisal process will note property deficiencies
that are readily observable and found not in compliance
with HUD's minimum property requirements/standards.
These deficiencies may not be the same as those items
noted in a home inspection report.
Looking to Sell your home? Interested in what your home is worth?
Call me to schedule a no obligation consultation. I am happy to help.
estimate of a property's market value. Lenders require
appraisals on properties prior to loan approval to ensure
that the mortgage loan amount is not more than the value
of the property. Appraisals are for lenders; home inspections
are for buyers.
The Federal Housing Authority (FHA), which is part of the
U.S. Department of Housing and Urban Development
(HUD), requires lenders to obtain appraisals of properties
securing FHA-insured loans. FHA requires appraisals for
three reasons:
The Importance of an Appraisal
Sales Comparison Market Approach
Cost Approach
Income Capitalization Approach
Home Inspections Are Not Appraisals
1) To estimate the market value of the property.
2) To make sure that the property meets FHA minimum
property requirements/standards (health and safety).
3) To make sure that the property is marketable.
The FHA appraisal process will note property deficiencies
that are readily observable and found not in compliance
with HUD's minimum property requirements/standards.
These deficiencies may not be the same as those items
noted in a home inspection report.
Looking to Sell your home? Interested in what your home is worth?
Call me to schedule a no obligation consultation. I am happy to help.
Tuesday, April 17, 2012
Just Sold - Gallaher Station
I Just Sold this adorable home in one of my favorite neighborhoods. As my clients were moving in, the neighbors were stopping by to welcome them and offering their help! I know that my clients will love this neighborhood!
If you or someone you know is looking to buy or sell a home, please call me! I would love to help.
Monday, April 16, 2012
Friday, April 6, 2012
Knoxville is #8!
Knoxville currently has the best employment outlook in the nation, with 25% of employers in the area saying they expect to add jobs this spring, according to staffing firm ManpowerGroup. To read the full story, just click on the link below
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