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As a top Westport, Weston and Norwalk Realtor, I make it my business to be aware of every local home or property on the market. I even know of properties that will be available, but have yet to formally be placed on the market. I have direct access to the Westport, Weston and Norwalk area MLS (Multiple Listings Service), and also to every other agents in the area and all of their listings. If you give me some idea of what you are looking for, I will personally review all my sources of real estate listing information and send you everything within your price range that matches your criteria. I can save you a great deal of time! This is a totally free service, and there is no obligation. It's part of my job to offer services like this to homebuyers. Fill out this form, and I will quickly get back to you! Please give me as many details as possible...
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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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What is an encumbrance against a property, which may be voluntary or involuntary?
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| A |
There are many different kinds of liens: a tax lien, a judgment lien, a mortgage lien, and a mechanic's lien. |
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