What Does A Low Appraisal Mean? A “house appraises low” if the value assessed by the home appraiser is lower than the purchase price agreed to between the buyer and seller. The home appraisal provides a snapshot of the appraiser’s opinion of the current market value based on similar closed sales in the area. When […]
What Does It Mean When A House Is Under Contract? A property that’s under contract is one that the seller has previously accepted an offer on from a buyer. However, until all contingencies on the home are met and ownership transfers to the new homeowner during the closing process, the deal can still fall through. […]
Having your offer accepted on a new home purchase is one of the most significant and emotional financial transactions of your life. Not only are you committing to the responsibility of paying a monthly mortgage, you’re also choosing the home and the community you might be living in for many years. It’s a big moment. […]
Can A Buyer Back Out Of An Accepted Offer? As a home buyer, you can back out of a home purchase agreement. However, with no contingencies written in the contract, you may face costly consequences such as losing your earnest money deposit. As a buyer, the ability to back out of an accepted house offer […]
Most real estate transactions come down to a buyer being able to acquire a mortgage. If a potential buyer signs a contract for a new home and then discovers they can’t secure financing, that’s when a mortgage contingency can come into play. A mortgage contingency – also known as a financing contingency or a loan […]
It likely doesn’t come as a surprise that there are no certainties in any real estate transaction. Each one has an element of uniqueness regarding how the process will play out because every seller, buyer, situation and house is different. As a buyer, you want to protect yourself against the unexpected. That’s why most home […]
First-time home buyers need to know the cost of buying a house can add up quickly. Many first-time buyers fixate on the listed sales price – a significant number to concentrate on – but often overlook other fees and expenses when buying a house. To help first-time home buyers prepare for all the costs they’ll […]
First-time home buyers need to know the cost of buying a house can add up quickly. Many first-time buyers fixate on the listed sales price – a significant number to concentrate on – but often overlook other fees and expenses when buying a house. To help first-time home buyers prepare for all the costs they’ll […]
How Much Does It Cost To Buy A House In 2023? The median single-family sale price in the U.S. in May of 2023 was $401,100, according to the National Association of REALTOR. While this number is a helpful reference for home buyers planning to buy a house in 2023, the cost to buy a house […]
What Is A Mortgage Pre Approval? Mortgage pre-approval is the process of determining how much money you can borrow to buy a home. During the mortgage pre approval process, lenders like The Lending Mamba look at your income, assets and credit score. This information determines what loans you could be approved for, how much you […]