FAQ | Mysite

What is the difference between an appraisal and an assessment?

A third party appraiser provides a detailed report on the fair market value of a home based on sales of similar homes in the area and taking into consideration improvements as well as potential defects and hazards. This is different than an assessment, which the county uses to determine property taxes, and assessors usually do not view the home or provide a detailed report.

What does "As-is" mean for a home sale?"

Homes sold with no seller repairs. For loan requirements, defects that do not affect the safety, soundness, or structural integrity of the property.

What are Closing Costs?

Costs of the loan, title fees, prorations of taxes, HOA fees, oil/propane; around 2%-3% of the price of the home.

What are "Contingencies"?"

Conditions that must be met in order to close (financing, appraisal, inspection, etc.)

What is an "Escalation Clause"?"

A clause in the contract that allows for an increase in price under specific conditions.

What is a Right of First Refusal?

If a third party buyer submits an offer, this ensures the purchaser of the first accepted offer a chance to remove the contingency of a property to sell before buying before the seller accepts a third party offer.

Prequalification vs. Preapproval:

Prequalification is an estimate of what a purchaser can borrow. A preapproval means credit and income have been verified and approval has been issued.