The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English: if the...Read More
The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English: if the...Read More
The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English: if the...Read More
Weak Link: Between the Buyer and Title Company [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.] When it comes to housing-related cyber fraud, home Buyers and Sellers are not equally vulnerable to hackers. Buyers are much more exposed....Read More
“Earnest Money” vs. “Ernest Money” If your first name is Ernest and you were buying a house, I suppose the check you wrote to go with the Purchase Agreement could be called “Ernest money.” However, for everyone else, the proper term is “earnest money.” 🙂 Definition For those not familiar with earnest money, think of...Read More
Jumbo vs. Conforming Loans How do you get a $560k house for the cost of a $525k house? No, it has nothing to do with negotiation, bargain hunting, or otherwise outmaneuvering home sellers. Rather, it’s strictly a financing play. Namely, by moving up just a little in price, Buyers today can avail themselves of cheaper jumbo loans (over $417k),...Read More
