EQUITY AND APPRAISALS
By Marilyn Lacy ~ Broker ~ RE/MAX Mountain Vista Properties
1.27.05

Equity refers to two things. It is the profit realized from the sale of a property after all mortgages, liens and other claims have been paid. The term also describes a property’s market value after the deduction of all claims, etc. This last definition is the equity enabling a homeowner to obtain a home equity loan, based on the home’s unencumbered value. The lending institution looks at current value minus encumbrances to date. That’s why when you apply for a home equity loan, the lender will require ( and usually arrange for) a current appraisal of your property. Finding an agent whose expert advice you can depend on is extremely important in any real estate transaction. For prompt and professional help, talk to Marilyn Lacy at RE/MAX, The office is located at 108 East Main, phone 719-395-9063. “Real Estate Corner” EQUITY AND APPRAISALS By Marilyn Lacy ~ Broker ~ RE/MAX Mountain Vista Properties