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As Diligent As Kay
“I highly recommend Kay Burns for any Real Estate need you may have whether for sale or purchase.”
Gregory F. Jacobson
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Who is Kay Burns? ...Licensed Real Estate Agent Having lived and worked on the Coastside since 1969, I am familiar with the opportunities and challenges of Coastal Living. My two sons, Bryan and Steven, grew up here. Currently, I live in Half Moon Bay with my husband, Patrick. Half Moon Bay is the center of this community area with real estate choices from a broad range of home prices. Our town and the surrounding community has wonderful schools and friendly, local shop owners. We have all the amenities of a large city with a small town friendliness. I have been office manager of a service business and worked with local media in marketing advertising. Some of my community activities have included involvement with the Chamber of Commerce, the Cabrillo Unified School District, scouting and the Main Street Beautification Committee.  |  | | | | |
 I enjoy hiking, kayaking, sailing and fishing and all kinds of outdoor activities. All of this is abundantly available here. The Coastside is outdoor living at its best! Contact me for help with finding the right property at the right price.
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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 |
Lenders in 14 states--California, New York, Oregon, Utah, Vermont and Wisconsin and 9 others--have what in common?
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| A |
Lender in these states must pay interest on funds held in escrow accounts. |
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