Backup offer Banks Finance Residential 
The Residential Specialist
DECEMBER 31, 2020
“As offers come in, someone on my team is compiling them into a multiple-offers Excel spreadsheet,” says Medford. “It It includes information such as price, amount of money down, percent and type of financing—all the key, fundamental points that we need. This helps us see instantly if a given offer is viable.”.
Realty Biz
MAY 24, 2021
Then the residential market rebounded quickly. By having a thorough understanding of your finances, you can gather any needed information specific to a house that you are interested in and quickly calculate the maximum offer you can make. You don’t have to start with a maximum offer but you need to know what your maximum can be.
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HomeLight
DECEMBER 31, 2020
Rachel Massey , a certified residential appraiser in Ann Arbor, Michigan, agrees that online valuators can be reasonably reliable or wildly inaccurate, depending on the type of housing and the location. You want to have a “backup offer” in case the regular listing process doesn’t work out. Check the FHFA HPI calculator.
HomeLight
JANUARY 13, 2022
In other words, the primary deal on an active contingent listing might (maybe) fall through, causing sellers to place their home back on the market — or accept a backup offer. “I Financing contingencies. And if you can’t get financed for the house, you won’t still be obligated to buy it — a big benefit!
HomeLight
DECEMBER 30, 2021
After you accept an offer, the buyer’s mortgage lender typically contacts a third-party appraisal management company (AMC ). A residential home appraiser’s job is to provide a professional opinion of your home’s value so the lender knows that the house is worth at least what the buyer asks to borrow for the purchase.
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