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You may get several buyers that would like to buy your
home but you must determine if they can. It
is important for you to know how the buyer plans to purchase your property.
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You should determine what financing your property can qualify for.
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It is also important to know which mortgage lender the buyer is obtaining his/her loan with. Not
all mortgage lenders are created equal — Is it a reputable mortgage company?
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You should determine what will be required from you, the seller, by the mortgage lender. This
is determined by the type of loan program the buyer is using.
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Regardless of the type of loan, the mortgage lender will always require that the property be appraised
by a professional appraiser.
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An appraisal is an independent estimate of the value usually performed by a professional appraiser.
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The appraiser will physically inspect your home. Repairs may be required.
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The appraiser will compare the property with other properties that have sold in the area when
determining the value.
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The mortgage lender must approve the appraisal before they will lend any money to the buyer.
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What if there is a problem with the appraisal? Make sure all parties involved with the contract
clearly understand how problems will be handled.
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