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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 |
In what area of the United States did the price of existing homes increase most dramatically in 2005?
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| A |
Phoenix, Arizona real estate recorded a 55.2 percent increase in home prices during 2005. |
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Mark Horan
Resident Team Realty LLC
1813 West Virginia Dr.
Kissimmee, FL. 34744
Phone: 407-301-0312
Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com
The Resident Team welcomes anyone looking to buy or sell their home. We use all the latest technology to search, market and get the results that you desire. You will be kept up to date all along the way. We are a partner you can trust. Don't just listen to us, read the testimonials of our past clients on our web-site, they are our true voice.
Buying or selling a home can be the most stressful activity that a person can experience. It doesn't have to be that way! The Resident Team will strive to make it exciting and enjoyable!
Contact The Resident Team today for your Professional Real Estate experience. We specialize in Bank Owned Foreclosures.   
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