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Appraisals are a crucial part of the home buying process
An important term for every Colorado Springs home buyer to understand is the “Appraisal“.
For a Free Home Owner Buyers Guide, Email Kathy at KTorline@msn.com
What is the definition of an appraisal?
An appraisal is an estimate or opinion of value of a specific property as of a specific date resulting from an analysis of the facts about that ![ExteriorMain[1]](http://coloradospringsvintagehomes.com/files/2010/04/ExteriorMain1-300x200.jpg)
property by a qualified impartial third party.
Who is an appraiser?
Appraisers are licensed and are held to strict ethical standards. They are a “third party” whose purpose is to give their opinion of the market value of a home.
Can a seller get their own appraisal done?
Yes, a Colorado Springs home seller may get their own appraisal done before selling the property to determine cost. This typically costs anywhere from $300-500. It’s important to note the Buyer’s Lender will not accept this appraisal but will request another to be done by their own contact.
Read the rest of this entry »
9 key things to know about buying a bank repo
Do you want to buy a bank-owned property in Colorado Springs?
Understand the Differences
Related Articles:
- Don’t let your dream house become a nightmare
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Homes sold “As Is” in Colorado Springs….what does it mean?
Buying Bank properties is very different than buying a home from a regular seller. Make sure you and your Realtor have discussions about what makes them different, as bank-owned properties aren’t for everyone. Here’s some of the big differences
(1) “As-is”: Most banks won’t repair anything in the property, the property is sold “as-is”. Although there are starting to be some exceptions to this and some banks are starting to fix up the properties, most are sold “as-is”.
(2) No Seller’s Disclosures: The banks typically won’t give out any Seller’s Disclosures or Square Footage Disclosures as they don’t know anything about the property. Hence, it all up to the buyer to do their due diligence.
(3) Response Time: Sometimes banks respond quick and fast when they receive an offer; but many times it can take days, or even a week to get a response to an offer. Read the rest of this entry »
What is allowable for VA Seller Concessions?
VA Loans – Part II
Must Read posts: 6 BIG advantages of VA loans
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Must Read Article: 6 BIG advantages of VA loans
One of the biggest areas of confusion about VA loans is the Seller Concessions. In the recent class I was in where the instructors were from the Denver VA office, they did a great job of explaining what can and what can’t be used as 
part of Seller Concessions.
VA Mortgages have a limit of 4% of the Appraised Value that the seller can contribute to a buyer on a VA purchase without it being considered excessive. For VA purposes, a seller concession is defined as anything of value added to the transaction which the buyer pays no additional amount and which the seller is not customarily expected to pay. Some examples of concessions include seller payment of the following:
- Buyer’s VA funding fee
- Buyer’s prepaids (Taxes and Insurance) Read the rest of this entry »
