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November 16, 2023
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Through a comparative market analysis, assessing recent sales of similar properties in the area.
Typically, 30-60 days from accepting an offer, but it can vary based on specific circumstances.
Always account for closing costs, inspection fees, agent commissions, and potential repair costs.
Lenders assess your credit, income, debt, and down payment to determine loan eligibility and terms.
Market price is what buyers are willing to pay. Appraised value is an expert's assessment of the home's worth.
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A deposit secures the property during the transaction; a down payment is a portion of the purchase price.
Escrow is a neutral third party that holds funds/documents until transaction conditions are met.
It's a condition that must be met for the transaction to proceed, e.g., successful property inspection.
Typically, they're prorated, with the buyer and seller each paying for the time they own the property that year.
Usually after closing, once funds are transferred and the deed is recorded.
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