You found the home you want to buy, but find out that the appraised value is less than you bid on the home. Are you out of luck or can you still buy the home?Compare Offers from Several Mortgage Lenders.The answer is tricky, but we help you understand how the process works below. The Appraised Value is King The lender will go off the appraised value. That is how they … [Read more...] about Can a Purchase Price be Higher Than the Appraised Value?
Buying a home requires a lot of patience and research. How do you know if the seller is asking a fair price for the home? Before you buy it, you should know what affects the market value of a home as well as how you can find out about how much the home may be worth.Looking for Current Mortgage Interest Rates? Click Here. The Most Recent Sales The most recent sales in the … [Read more...] about What Affects the Market Value of Your Home?
Some borrowers are lucky enough to find a lender that requires just a drive-by appraisal rather than a full appraisal. This typically happens during a refinance rather than a purchase. Just what is the difference? Keep reading to find out more.Compare Offers from Several Mortgage Lenders. The Characteristics of the Drive-By Appraisal As the name suggests, the appraiser … [Read more...] about The Drive-By Appraisal Defined
Whether you are buying or selling a home, you should know the difference between assessed value and market value. They are two different numbers, sometimes vastly different, that affect your purchase/sale in various ways.Get Matched with a Lender, Click Here. Explaining Market Value A home’s market value is the value of a home based on the current market conditions. It’s … [Read more...] about Assessed Value vs. Market Value: How are They Different?
When you buy a home, it’s often a good idea to include some contingencies in the purchase contract. These contingencies protect you should something go wrong after you sign the contract. They give you a ‘way out’ if certain situations occur. One popular contingency is the appraisal contingency.Looking for Current Mortgage Interest Rates? Click Here.Keep reading to learn … [Read more...] about Should you Include an Appraisal Contingency Clause in Your Purchase Offer?