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The typical price for a single-family home appraisal is $500, according to a 2023 survey by the National Association of Realtors. The survey found that this cost can range from less than $300 to ...
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser. A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO. A BPO can be either an exterior drive-by or a full interior report.
If the appraisal comes in low — that is, if the appraised amount is lower than the loan amount — that appraisal gap will have to be made up by the buyer, or it may even derail the deal.
When the seller refuses to negotiate with any buyer with a bid that is lower than the initial asking price, the situation is known as a holdout. [17] After acceptance of a particular offer, a real estate contract is ratified by all parties. It usually creates a short interim period (typically no more than 30 days, often much less) to allow the ...
If the home isn’t worth the selling price, the buyer might still qualify for the deal with a higher loan-to-value ratio, as long as the mortgage doesn’t cost more than the home’s value.
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