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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 a Balloon Mortgage?
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A balloon is a short-term mortgage which requires the entire balance of the loan to be re-paid at the end of the loan term.
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Cori Blount
Real Estate Express Services
34119 Keller Court
Winchester
CA 92596
Main Ofice: 951-926-4297
Assistant: 951-200-0248
Cell: 951-317-5151
Fax: 951-329-3361
Email: CoriBlount@NUMBER1EXPERT.com
Cori Blount is the broker /owner of Real Estate Express Services with
18 years of personal sales experience as well as an independent Broker.
Having represented a national builder, and having held position as vice
president of operations with a national franchise, it is my pleasure to
represent both buyers and sellers in the exciting field of real estate here
in Southwest Riverside County. With a vast knowledge in all aspects of
residential real estate necessary to make YOUR experience successful and
equitable it will be my pleasure to be of service to you .    
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