Groups are smaller communities within the larger ActiveRain. Join groups created by others. or start your own and
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This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
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AR's community takes the time to leave honest and transparent reviews of their experiences
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Whatever it is you're into and wherever you are, AR surely has a group for you to join.
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Each month AR runs numerous contests as a way for our members to engage in activities
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Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
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Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
It’s something many of us have seen before.You list the property, market it, find the perfect buyer, and then the purchaser’s lender requests an appraisal.If it doesn’t appraise, the buyer may not be able to get a loan.But, it’s not always that simple.What if the purchaser can get the loan they need to acquire the property?
We listed a beautiful, two family home in Brooklyn late last year for over $1.1mil. The property was on the market less than two weeks when a buyer who had been searching for over six months made a full price offer. We negotiated the deal, did the handshake, and sent it to the attorneys to paper the contract, which was then fully-executed. The contract of sale did not contain an appraisal contingency. There was a financing contingency, so let’s take a look at the details of that provision. The contingency stated that the purchaser must be able to obtain a loan, at the prevailing rate of interest, from an institutional lender, for $500k, which would result in an LTV of roughly 43. Most lenders would be willing to do an LTV of 80, but the buyer’s didn’t need it.
So, it’s time for the appraisal, which to everyone’s surprise came in almost $225,000 short of the purchase price. So what do we do now? The buyer wants to renegotiate, the seller refuses to. The mortgage contingency has been satisfied as the lender will loan up to $740,000, almost 50% more than the buyer actually requires. The purchaser has a $75,000 earnest money deposit in escrow.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.