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An appraisal can come in low because the appraiser isn't selecting truly comparable sales for his or her analysis. This can happen if the appraiser doesn't know the local market well.
According to the UPC, the distance between your trap and the vent should be no more than 6 feet. In other words, for the vent to work properly, it...
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As well, seams are often elevated at least 2” off the surface of the roof and, thus, away from moisture. A quarter-inch slope is the lowest you...
Read More »Homeowners often are disappointed when the refinance appraisal of their home is lower than they expected. For some owners a low appraisal is simply insulting; for others it can jeopardize their refinancing plans. People refinance their homes for a variety of reasons. The most common are to save on the monthly house payment, to consolidate debt or to turn equity into cash. On refinances, most lenders limit the new mortgage amount to 75 percent or 80 percent of the appraised value. Let's say your home appraises for $300,000 and the lender will lend you 80 percent of the appraised value, or $240,000. Your current mortgage, which is $220,000, has to be paid off before the new loan closes. Even if you take a no-point mortgage, there will be some closing fees which will leave you about $18,000 in net proceeds from the refinance. If your credit card debt and car loans total $30,000, and your aim is to consolidate these into one low-interest-rate home loan, you'll come up short. Suppose, however, that your home appraises for $350,000. Eighty percent of the appraised value is $280,000, which gives you more than enough to accomplish your goals. Call it pride of ownership or wishful thinking, homeowners often have an overinflated opinion of the value of their property. In the homeowner's defense, refinance appraisals can be way off the mark. Home mortgage appraisals are based on market data. The subject property is compared with at least three similar properties in the neighborhood that have sold recently. Dollar adjustments are made to account for differences between the subject property and the others. The appraiser arrives at a price based on these comparisons. Appraisals are easiest to do when there are a lot of recent comparable sales and where the properties are somewhat uniform. For example, it shouldn't be too difficult to appraise a three- bedroom, two-bath home in a housing tract where five similar homes sold within the past three months in a price range of $245,000 and $250,000. But arriving at an accurate appraised value for a unique property or when there are few, if any, comparable sales is more subjective and prone to error. First-time tip: A fair amount of time and effort is involved in refinancing a property. Also, appraisal fees can run into hundreds of dollars. So before submitting an application, call your real estate agent and find out what the recent comparable sales indicate would be an approximate selling price for your home in the current market. If the sales information suggests that your home will appraise for enough to make refinancing worthwhile, then submit a loan application. When the appraiser comes to inspect your property, make sure that he or she knows about any remodeling you've done. If you've done a lot of work on the house, prepare a list of improvements. This information may be important to the appraiser when he compares your home with others. An appraisal can come in low because the appraiser isn't selecting truly comparable sales for his or her analysis. This can happen if the appraiser doesn't know the local market well. If you find that your home isn't appraising for what you think is realistic, ask for a copy of the appraisal so that you can find out which comparables the appraiser used. If the appraiser has overlooked a sold property that your agent thought was comparable to yours, give this information to your loan broker and ask that the appraiser reconsider his analysis.
How To Keep Your Garden Shed Moisture-Free Seal Any Leaks. Your primary line of defence against moisture is to prevent water from getting into your...
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chalk Ants don't like lines of chalk in the garden as it disrupts their scent trail. If you have some chalk, simply draw some circles and lines on...
Read More »Discover five gorgeous plants to hide a garden shed, below. Star jasmine. Pittosporum. Yew. Miscanthus sinensis. Clematis.
Most gardens have features that could be hidden so they don't detract from the garden as a whole. Depending on their location, structures such as sheds can cast shade, so plants that can cope with partial shade are ideal.
Overall, plastic expansion anchors are the least strong of all the anchors discussed here, with actual pull-out strength of around 30 pounds in...
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What handmade wood items sell best? Candle holders. Picture frames. Children's blocks. Birdhouses. Planters. Art. Wood turning. Coffee tables. More...
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Firewood can be stored for approximately four years without any issues. Burning slightly older wood is better because green, freshly cut firewood...
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1:12 the U.S. per the US ADA (Americans with Disabilities Act), a ramp is a sloping route constructed with a slope greater than 1:20 (one inch of...
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