If you’re in the process of buying a home, you know that it’s rough out there. If you want to buy a home in this market, it takes more than a down payment, decent credit score, and patience. It takes becoming almost an expert in your market and having strong negotiating skills.
Think I sound a little harsh? Yes, maybe a little.
If you’ve read some of my last posts, you’ve heard about my recent plans to buy a home. In fact, we actually did find the perfect home for us! Everything was going great, even the inspection, until the appraisal was done. Want to know what happened? Well, the home was appraised approximately $30K lower than the offer price.
Some lenders are using Automated Valuation Models (AVMs). These are statistically based computer programs that use real estate information such as comparable sales, property characteristics, tax assessments and price trends to give an estimate of value of a property. This me
