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Buy a Home with Wemert Group Realty

APPRAISAL WHAT IS IT? DO

APPRAISAL WHAT IS IT? DO I HAVE TO HAVE ONE? An appraisal is necessary if you are financing the home. Your lender will order the appraisal on your behalf. The results of this appraisal are yours. The seller is not given a copy of the appraisal and will only need to know if the property does in fact appraise at the contact's value. If the home appraises at the agreed value or higher, the contract will continue to move forward. If the home does not appraise, your agent will need to help negotiate the difference in order for your lender to agree to move forward with the loan process. 1 WHAT IS AN APPRAISAL? A home appraisal is an unbiased estimate of the true (or fair market) value of what a home is worth. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home's market value and ensure that the amount of money requested by the borrower is appropriate. 2 WHAT IS FAIR MARKET VALUE? In real estate, fair market value is the price a buyer will pay and a seller will accept for a property under reasonable and ordinary conditions. This definition assumes that neither the buyer nor seller is under any pressure to complete the transaction. When under pressure, such as the need to immediately relocate, either the buyer or seller may entertain a price that differs substantially from what would be considered otherwise. There are many other life situations that can exert pressure on one or both parties; and when they do, the price mutually agreed to may or may not reflect true fair market value. The appraisal ensures you will not pay over Fair market value for the home and serves to protect the buyer! 27 TRUSTED REAL ESTATE EXPERTS

HOME OWNERS INSURANCE Home owners insurance is a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property. Homeowner’s insurance rates will vary based on the coverage you select. GENERAL QUESTIONS TO ASK THE PROVIDERS, SO YOU ARE CERTAIN OF THE COVERAGE YOU SELECT: 1 2 AND WHAT KIND OF HOME OWNER’S INSURANCE POLICY DO I NEED (HO-1 THRU HOA-8), AND WHAT AND WHO IS COVERED UNDER THE POLICY? There are eight levels of homeowners insurance in the United States ranging from full homeowners insurance that covers everything in your home as well as all the contents. There is also a homeowners insurance specifically for condos, mobile homes, renters and your priceless items. DOES THE POLICY COVER REPLACEMENT COST, IS IT GUARANTEED REPLACEMENT COST? There’s big difference in these two terms, you want a guaranteed replacement cost for your items not just replacement cost - the difference could be quite severe. 3 4 covered. ARE THERE ANY EXCLUSIONS TO THE POLICY? What is and isn't covered in your home, specifically. Your policy should thoroughly outline everything that is covered - if you aren't sure - ask. ARE THERE ANY LIMITS ON VALUABLES SUCH AS COMPUTERS, SILVERWARE OR JEWELRY? If you own these items be sure to find out if they are DOES MY POLICY COVER ANY WATER DAMAGE? 5WHAT WILL IT COVER? Most homeowners insurance policies will cover overflow water damage but damage from flooding is often not covered. CONTINUED ON PAGE 29 WEMERTGROUPREALTY.COM 28

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