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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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| Q |
What Newport, Rhode Island mansion was built as a birthday present and incorporates 500,000 cubic feet of white marble?
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| A |
The Vanderbilt Marble House was constructed by railroad baron William K. Vanderbilt for his wife Alva, who later divorced him, remarried and moved into a mansion down the street. |
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Kimberly Zimmerle
Realty Professionals
103 South Horton Hwy
Chapel Hill, TN 37034
931-703-1434
Fax: 931-364-4225
kimzimmerle@BestImageAgent.com
Kim Zimmerle is a full time Affiliate Broker who has been buying, selling, renting and listing properties in the Middle Tennessee area. She has experience in rural and urban, residential and land transactions. She enjoys working with people and has a personal relationship with her clients and understands their need and wants. Her ambition as a realtor is meeting dreams and goals of her clients with integrity, knowledge, dependability, experience and trust. She also represents Prime Builders a custom builder specializing in the design and construction of homes created with unsurpassed craftsmanship.   
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