9:1 Appraisal

When and Where did I Find this Word: I heard the word "appraisal" used last week in a conversation that I had with my realtor. Unfortunately, the home which I had purchased was appraised under my purchase price and the mortgage company will not let me get a loan without me putting a lot more money done due to the new home regulations.

What does the word mean: According to the Merriam-Webster Dictionary (2010), appraisal is a noun which means " a valuation of property by the estimate of an authorized person." In my case, the appraisal was done on a home property by a agent hired by Wells Fargo. http://www.merriam-webster.com/dictionary/appraisal

My familiarity with the word: I have heard the used many times before in conversations about houses. However, I was not familiar with the new appraisal policies which made me want to question and learn more about the meaning of the word. I now know more about the appraisal process for my next house hunt.

Do I Believe this is a Word that I should Know Well: I do believe that I should know this word well because I need to make an informed decision when I purchase my home. The current home that I purchased is not a good value because the appraisal came in very low, much lower than what I offered on the home. Next time I buy a house, I will be more conscience about pricing so that I make a good investment. 

Do You Believe this is a Word You Want Others to Know Well: Yes, with the new appraisal rules, I feel that all potential home buyers be aware of home buying vocabulary such as "appraisal." To make a good purchase, one must understand the appraisal price of a home to make a good offer price.

The picture to the right is the home that I put an offer on that had an outrageously low appraisal.