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Today, we'll talk about How you can use the appraisal gap to help you buy a house with competing offers?
What's an Appraisal?
An appraisal is a valuation of a property by a licensed real estate appraiser. A mortgage lender hires an appraiser for their mortgage application to determine the value of the property
The bank will lend money to the buyer for the purchase of the house, assuming the property is valued at a certain price. The bank will take the house as collateral for the loan.
Mortgage lenders use appraisers to assess what the value of a property… to see if it is worth enough to lend money to buy.
This helps to safeguard the bank from lending too much money to a property which is not worth the contract price.
You may have different opinions on the value of a property. You can find out how much it is worth by getting different estimates from three different professionals.
An appraiser is someone who determines the current market value of a property by using recently sold properties to help determine a home's value. Those are called "comparables"
They break down the components of each comparable property sold to arrive at an estimated value of the home.
How do Appraisal Contingencies Work When You're Purchasing a Home?
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