A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

W

Waiver	The relinquishing of a right
Warranty	A guarantee provided to the purchases regarding the quality of appliances or fixtures sold Also a promise by the grantor of a piece of property that he or she is responsible to the buyer if the title of ownership is defect in any way
Warranty deed	A document conveying ownership of a property that guarantees a clear, clean title
Will	A written document stating how an individual chooses to have his or her property distributed after his or her death
Wraparound loan or Wraparound mortgage	A method of refinancing which covers the remaining balance on an existing first mortgage as well as the additional amount of loan being requested by the mortgagor; full payments covering both mortgages are made to the Wraparound mortgagee, who then forwards on the portion of payment due to the first mortgagee

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Real Estate Tips

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.

	See All Tips In The "About Appraisals" Category >
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Real Estate Trivia

Q	What has been described as the world's most beautiful building?
A	The white marble Taj Mahal in India was built by the Mogul emperor Shah Jahan (1631-53) to enshrine his favorite wife.
See More Real Estate Trivia >

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Alicia and Chris Demarest Lindsey & Associates 1200 E. Joyce Fayetteville AR, 72703 Alicia: 479-236-0396 Chris: 479-236-0395 Fax: 479-527-8719 Text: 479-236-0395 Email: Chris@ChrisDemarest.com Email: Alicia@AliciaDemarest.com Chris & Alicia Demarest are top licensed Realtors in Northwest Arkansas. Their years of experience in customer service and construction have helped them develop a UNIQUE system for Real Estate service. If you are ready for a different approach to your Real Estate Needs contact them today. www.aliciademarest.com is brought to you by Alicia and Chris Demarest, real estate for Springdale, Rogers and Bentonville, Arkansas Read Chris and Alicia Demarest's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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