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Reprinted from REALTOR®
Magazine
www.realtor.org by permission of the NATIONAL ASSOCIATION
OF REALTORS®. Copyright 2003. All rights
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There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU.
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The Frost Family
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We wish to thank Laura for all her help during the last several months regarding all the aspects of sale/purchase of our home. She is a very professional,energetic, and hard working realtor, who is totally involved and committed to her clients. We appreciate her support and assistance during each stage as we progressed from the decision to sell our home (and all the paperwork and negotiations involved), to locating land a home design, and an outstanding builder for our new home. She also attended and contributed to each meeting with designers, builder, electricians, cabinetry makers, etc. We realize her active participation with our family since "Laura Harris" is now a familiar name around our household. We not only found her a highly regarded and respected realor, but an honest person and friend. We highly recommend Laura to anyone seeking a friendly, truthful, and hard working realtor to assist them with sale/purchase of a home. Thank you again. Sincerely
The Frost Family
About Appraisals >Three Caballeros
When you buy a house or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser will look for "three caballeros" or three "comparables" -- homes that are very similar to the one you are buying -- and will make adjustments to reflect the differences between the properties.
Housing patterns tend to be homogenous, meaning that homes worth $300,000 are usually located in $300,000 neighborhoods. It is important for properties to be within the general pricing patterns of their neighborhoods because over-valued homes, even if they are exceptional, are sometimes difficult to sell at full market price.
This is not the only factor considered in determining the worth of a property, but it is an important one. The buyer or seller may view the property as a home or an investment, but lenders view it in a completely different way. To a lender, property means security in the event a borrower fails to repay a mortgage. Therefore, lenders must know real estate values in order to limit their risks.
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| Q |
Who is "Fannie Mae" and why is she a big name in real estate?
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| A |
"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders. |
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