Properties by Chelle

Let’s talk Market Value vs Appraised Value💰! But what does it all mean?

The value of a home can be based on the market or an appraisal. One is given by the demand of the housing market and potential buyers while the other is given by a professional appraisal.

Let’s explore further:
✔️Market Value:
The price a buyer is willing to pay for a property

✔️Appraised Value:
The professional opinion of an appraiser on the value of the property

Once a house goes under contract, the lender will order an appraisal to verify the home is worth the purchase price!

As a buyer, it’s important to understand the difference. Especially in this competitive market, because these homes are selling for well over the list price and buyers are waiving appraisal contingencies and paying appraisal gaps to get in homes.

Have additional questions, contact me today to discuss.

Rochelle Simmons, REALTOR®
Chelle Marshae Properties - Affiliated with Maximum One Executive Realtors
_________________________________________
📧: [email protected]
📞: (678)887-8540

HomeBuying

Sometimes you gotta just smile through the BS! It’s been a day…that is all!!! Enjoy the rest of your Monday ❤️

Did you know that being pre-approved and pre-qualified are two different things? 

Here’s a quick breakdown!
🔸 Pre-qualification ⬇️
🏠 First step in the mortgage process.
🏠 You’ll supply an overview of your financial history to the lender, including income, assets, debts, and credit score, but this doesn’t always require documentation, it can be self-reported.
🏠 The lender will then review this information to give you an estimate of what you would qualify for.

🔸 Pre-approval ⬇️
🏠 Comes after pre-qualification.
🏠 You will need to fill out a mortgage application with documentation of your financial history, and the lender will verify the information you provide.
🏠 The lender will also run a credit check and if you’re pre-approved, you’ll get a pre-approval letter, which is an offer to lend you a specific amount for 90 days.

Still have questions as far as pre-approval vs pre-qualification? Send me a DM and let’s chat about it!
 
Rochelle Simmons, REALTOR®
Chelle Marshae Properties - Affiliated with Maximum One Executive Realtors
_________________________________________
📧: [email protected]
📞: (678)887-8540