Appraisal
Real Estate Appraisal, property valuation or land valuation is the process of developing an opinion of value for real property. An appraiser is hired by the lender/bank to complete the appraisal valuation which will be used to establish the ratio of loan to value for the property.
Lender Commitment
If your ofer is contingent on fnancing, the sooner you receive a commitment letter from the lender, the more confdence you can instill in the seller that the deal will reach closing.
Closing Date*
Under 30 days is ideal, but some loan programs take longer to close. The closing date is important, as this is when the seller receives the funds for the transfer of the deed.
*Please note that the closing date is not necessarily the same as possession date. In some cases, sellers may want to rent back the property for a period of time. Most lenders will allow for a 60 day Maximum Rent Back Period.
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