HomeLight

JULY 6, 2023

In the meantime, with a “Contingent” status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry. Appraisal contingency To ensure they aren’t lending more than a property’s fair market value, lenders typically require a home appraisal.

MLS 105

MLS Backup offer Inspection contingency Purchase and sale agreement 105

HomeLight

NOVEMBER 1, 2021

The appraisal helps ensure that the mortgage company doesn’t lend more than the property is worth. A third-party appraiser determines the value based on the size and condition of your home, any upgrades or improvements you’ve made, and the final sales price of comparable homes ( comps ) in your area. Your home is overpriced.

Purchase and sale agreement 111

Purchase and sale agreement Backup offer Proof of funds Finance 111

HomeLight

DECEMBER 30, 2021

The appraiser is simply a third-party professional who comes to the property to make sure the bank is lending on a property that is actually there, has the size and features (bedrooms, baths, etc.) Another issue may be that a comparable property the appraiser used turned out to be a distressed property, foreclosure, or short sale.

Loans 119

Loans Agents Inspection Closing 119