With A Wealth Of Information Available
On the Web – Why Should I Collaborate
With a Realtor?
With the myriad of real estate information and tutorials available on the internet, why should a prospective buyer collaborate with a realtor when looking at Smith Lake property? Although we can easily find a wealth of information on the net, our changing economy has altered the way real estate business is currently transacted, These changes, many of which having been implemented over the past several months, can throw even “knowledgeable” buyer’s off track.
The lending industry continues to offer mortgage loans at attractive rates. With today’s market conditions, most buyers are unaware that requirements for second/vacation home mortgages have become more stringent. Lenders now require higher credit scores, increased down payment amounts while adding copious documentation requirements to the process. Lenders are placing increased importance on loan to value ratios. Underwriters now closely scrutinize vacation home market appraisals before giving loan approval.
A knowledgeable realtor can be a real asset. Collaborating with a realtor, one who is familiar with Smith Lake properties can provide you with valuable information and guidance during the process.
FEMA updated their flood maps approximately two years ago. Most of Smith Lake is now considered to be in a 100 year flood plain. What does this mean to you? Lenders processing new mortgages and a majority of refinanced property at Smith Lake will now require flood insurance or a Letter of Map Adjustment (LOMA). Find a knowledgeable realtor who can advise as to whether you should request a FEMA floodplain (LOMA) reclassification.
The mortgage appraisal process has been reconstructed as dictated by new Freddie Mac and Fannie Mae regulations (Dodd-Frank legislation). An Appraisal Management Company (AMC), a “clearinghouse” of sorts that controls who will actually appraise your property, is now used by many lenders. How can this effect your situation? Qualified realtors are familiar with Smith Lake market conditions - they can provide you with valuable advice in this area.
Acquiring suitable Smith Lake property by collaborating with a Realtor®, one who is looking out for your best interest makes good business sense. When looking for a Smith Lake realtor, ask lots of questions, this will help you identify those individual’s who are qualified to help you make an intelligent decision.
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