https://www.youtube.com/watch?v=ObgU49RcO2s You may be hearing a lot lately about appraisals, low appraisals, appraisal gaps, etc. Let’s first start off by making sure we understand what exactly an appraisal is, and the purpose that it serves. An appraisal is a professional valuation of a property done by an appraiser, who is a third party to …
I’ve Heard People Talk about a Short Sale… What is that?! A short sale is when a home is sold for less than what is currently owed to the lender. Why Would the Lender Allow That? If the homeowner cannot continue to make payments on the house, eventually the lender will foreclose on the …
What is a Pre-Foreclosure? Pre-foreclosure is the status of a property as it is in the early stages of being repossessed. If the homeowner is falling behind on payments, the lender will issue a Notice of Default, indicating that they are going to begin the legal action toward foreclosure. How Does Pre-Foreclosure occur? When a …