An automated valuation tool is not an appraisal, but it can be a valuable tool to help you understand what your home is worth.
It predicts what the price of your house should be based on a mathematical algorithm, which usually includes a hedonic statistical model and a repeat sales index.
A house under contract in real estate in real estate cannot be sold to someone else unless the original contract is nullified.
An agreement signed by both the buyer and seller is executed and a binding contract.
However, most contracts have contingencies. If these are not met, then the deal may fall apart. After that, the seller may sell the house to someone else.
Typical contingencies include home inspection, financing, clear title, appraisal, and often home sale.
These are important to protect buyers and make sure that properties are safe and free from major problems.
Common contingencies in real estate contracts include title, inspection and title clauses.
House sale contingencies are also common and can be complicated.
However, you should not be worried about an otherwise good contract with a house sale clause.
Rea estate contracts have clauses that allow both buyers and sellers to back out for good reasons.
Cancelling after the offer is accepted but while the attorneys are still reviewing is acceptable. Other reasons to back out are home inspection issues and the property not appraising for the sale price.
Payments you must make when you close include recurring fees, like insurance, taxes, and interest on your loan.
They also include non-recurring payments, such as property, mortgage and transaction fees.
Learn how to calculate your mortgage costs, property taxes and realtor commissions.
