I. Eligibility Requirements
II. Steps to Apply for a Loan
III. Appraisal Process
If financing is not obtained, the buyers lose all 10% deposit
If financing is not obtained, the buyers don’t lose anything
If financing is not obtained, the buyers only lose X about of the initial 10% - can be 1% which will go to the sellers. This “X” amount has to be agreed on by both parties.
1. Do the appraisers typically assess the value close to the selling price? Or do they undervalue it? Do they ever overvalue it and if so what happens in that case?
2. From my meeting at Scotia Bank on my last trip I thought they provided up to 75% (not 60%) of the loan.
3. Most of the houses we are looking at have a thatched roof, is that an issue?
4. What is the cost of the appraiser's evaluation?
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