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Nesgroup address: alt.real-estate-agents - Date & Time for the message: Wed, 16 Mar 2005 11:30:04 -0600
/ Author of the message: Casey |
Title of the message: |
Re: No appraisal clause
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Text of the message: |
orangetrader said > I now see new listings in south Florida where the remark section has "no > appraisal clause and no 5 or 10% down buyers". > > I think this means the seller knows the property will not appraise but know > someone will pay anyways. What I don't understand is the no appraisal > clause. I thought normally people do not have an appraisial clause, what > they have typically is a mortgage contingency clause and the bank can refuse > to lend, or lend at a rate the buyer does not like, or appraisal is not at > least the borrowed amount of whatever, the buyer can back out, but no one > explicitely put an appraisal clause right? Usually there is only an implied appraisal clause due to the 5% or 10% down financing stipulation. However, I wouldn't be surprised if some buyers were putting specific (and possibly redundant) appraisal contingencies in their offers just to make sure they can walk away |
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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.