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Appraisal went through?«
Back: Appraisal,
Survey, &
Insurance
« »
Next: Closing!
» Let's say the appraisal has been
completed. If the appraisal says the house is
worth substantially less than the asking price,
then your lender won't loan you the money for that
house. You'll either have to get the owner to lower
the price, pay the difference in cash, or start the
whole process over again with a new house. It's
rare that you'd be in this position, because your
realtor should let you know if the seller is asking
too much for the house before you sign a
contract. But if the appraisal says the house is worth
around as much as everyone thought it was (or
more), then you're ready to buy! There's only one
more step, the closing. . Amount spent so
far.
Red
items apply towards the purchase.
Amounts are typical, not exact. $40 Credit Check To the Lender $150 Option
Fee Paid to the Seller.
Might apply
towards purchase, depending on
contract. Allows you to walk away for
any reason. $1000 Earnest
Money Held in Escrow, probably by the
Title company $400 Inspection To private inspection company to
find physical problems with house $100 Termite inspection To private company; required by your
lender ($700) Termite treament (If necessary) $450 Appraisal Ordered by the bank so the can make
sure the house is worth loaning money
on $2140 - $2840 Total «
Back: Appraisal,
Survey, &
Insurance
« »
Next: Closing!
» |
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If you liked this site then you might like some of my other sites:
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How to Save Electricity
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