Guerneville, CA, October 25, 2014 --(PR.com
)-- People typically do not invest in Russian River Real Estate to own a home. Homes are available in countless cities around the world. People invest in Real Estate on the Russian River because they are attracted to the lifestyle. The Russian River is notorious for its majestic redwoods, peaceful silence, and the stunning riverfront views. This is the main reason for buyers to invest in Russian River Real Estate.
Many of the people who choose to buy homes for sale on the Russian River will typically either have a lender from out of the area or have not yet found a lender. Patrick Pennington of Stearns Lending Inc. is Millar and Company’s preferred lender on the Russian River. He says, “I have built a group of appraisers that live here on the Russian River, they’re from here and they understand this territory.” The appraisal process is very important when trying to obtain a loan to invest in Russian River real estate because if the home is appraised too low the bank won’t lend enough on it for the buyer to be able to purchase it. Having a lender that knows the area and what the market entails in the Russian River is important when buying a home.
When asked what the three major problems are that appraisers will notice and price the home lower because of Patrick remarked, “post and pier properties, flood zone properties, and trees.” A local lender would be able to find comparable homes to value the post and pier properties because they know the area and therefore know where to find them. Also, a local lender would be familiar enough with the market that they would know that being in a flood zone means you are closer to the Russian River and that actually adds value to the home. Many out of area lenders will price a home lower because of trees on the property however, a local lender would not because they would know that they trees offer serene privacy that many people seek when moving to the area and that would add value to the home.