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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
is an accommodation and real estate directory, where real estate property owners or real estate agencies connect with vacationers and home buyers worldwide. If you are a seller, you can add listings in few seconds, and if you are a buyer you can search listings to find your dream property!
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Nesgroup address: alt.real-estate-agents - Date & Time for the message: Wed, 16 Mar 2005 08:19:32 -0500
/ Author of the message: "homan4" |
Title of the message: |
Re: No appraisal clause
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Text of the message: |
If property is financed the lending institution will require an appraisal. In addition a buyer can hire am appraiser and get an appraisal on his own. The challenge we face is that in a rapidly rising market the properties for sale are all being offered for more than the highest previously sold property. The real fair market value falls in the range of what is available for sale not what has sold. In this type of environment mortgage fraud is a hot issue. Ameriquest just paid a settlement of $50,000.000 on its lending practices and appraisers are skittish. Mortgage companies generally have minimum loan to value requirements on each of their products and a low appraisal can bring the LTV too high if the seller has a fixed down payment. To remedy this the buyer can come up with more cash to bring LTV in line, or the deal dies. A no appraisal clause simply says the seller does not want to be punished |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.