Appraisal
Real Estate Minute: Online Appraisals
Real Estate Minute with Ilyce Glink
Does an online appraisal replace a real one?
Original Air Date: July 13, 2006
Fake Appraisal Constitutes Real Estate Fraud
When you sell your home an appraiser will conduct an appraisal to help the lender determine how much of a mortgage loan to grant to the home buyer. It’s illegal for a home buyer to get a mortgage in excess of the home’s sale price, especially if the mortgage loan is based on an inaccurate appraisal. When the home buyer wants the home seller to return some of the mortgage loan money it may become fraud. In a situation such as this it’s critical for the home seller to contact an attorney.
Listing Price Includes Appraisal Results
How much should you sell your home for? Pricing a home is not easy but it pays to look at what the market prices are and other appraisal factors. Remember, you can always pick a listing price, see how it does, and reprice the home later if necessary.
Mortgage Denied Due To Low Appraisal
Many, but not all, real estate contracts include a provision allowing some time for a buyer to obtain financing for the purchase of a home. If within the time allotted a buyer is unable to obtain financing and the seller is notified, the contract is terminated and the buyer receives a full return of any deposit. Usually, this right to terminate a contract if you are unable to obtain financing is called a mortgage contingency.
Appraisal Less Than Mortgage Amount
After being approved for a mortgage, a homeowner finds out that the appraisal amount is ten thousand dollars less than the agreed upon price. Having an appraisal price come in different than the sales price is a common situation today with quickly rising home prices. The buyer should have the house appraised again with their agent present.
