You’ve found the home of your dreams, and so far, things are going smoothly. The seller’s accepted your offer and your mortgage lender has pre-approved your loan. What could possibly go wrong?
In a word, the appraisal.
Appraisal contingencies protect the buyer when the value of the home doesn’t line up with the sale price. To ensure that the buyer (and lender) is paying a fair amount for the home, buyers insert an appraisal contingency, which allows the buyer, in a worse case scenario, the ability to walk away from the purchase without the penalty of losing their earnest money, if the appraisal returns a value lower than a set value (usually the purchase price).
Aside from walking away, the buyer can renegotiate for a lower price with the seller, request that their lender make an exception, and approve their loan as if the property had appraised to match the purchase price or make up the difference between the purchase price and appraised value via their own funds.
However, buyers must be cautious and include this in the contract to avoid problems at a later stage.
Author:Stacey Hawkins Phone: 954-999-8282 Dated: May 24th 2022 Views: 67 About Stacey: ...
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Jennifer grew up in the historic town of Madison in southern Indiana. Jennifer's family always had Real Estate interests. Both her father and grandmother own multiple properties she helped maintain while growing up and her uncle owns a successful Real Estate firm across the river in Nicholasville Kentucky. It was in her blood.
RE/MAX MountainView was a new firm in Gainesville, Virginia and Jennifer was hired as the receptionist. It quickly became apparent she had ambitions and talents well beyond answering telephones. She moved on to bookkeeping and agent hand holding and then to Office Administrative Manager. She earned her Real Estate license in 2001 and began dealing with clients and customers first hand. It was into xicating.
The Real Estate office was sold in 2008 and Jennifer moved to Cincinnati and began working as a Realtor
It's not all work in Cincinnati. There is a new baseball team to root for. There is her daughter's new school to volunteer at. And she is a Field and Suicide Prevention Advocate with the American Foundation for Suicide Prevention where she is very active, volunteering and participating in fund-raising events throughout and the annual trip to Capitol Hill to further the cause.
First and foremost, after family, is client care. Jennifer loves Real Estate. She treats her clients like family, guiding them and helping them to make wise decisions and smoothing all the bumps in the road to home ownership. She says, "The best feeling is seeing their smiling faces when they receive the keys to their new homes."