All categories

2 years ago

What happens when an appraiser determines a property’s value to be less than the pre-approved loan amount?

1 answer:

3 0

When an appraiser determines a property’s value to be less than the pre-approved loan amount then most buyers will have an appraisal contingency, so they can go back and get a serious money back.

An appraisal is an unbiased professional opinion on the value of a home and is used whenever a mortgage involves the purchase, refinance, or sale of that property.

A qualified appraiser generates a report based on direct inspection, using recent sales of similar properties, current market trends, and aspects of the home (e.g.: amenities, floor plans, square footage, etc.) square feet) to determine the assessed value of the property. Borrowers typically pay due diligence fees, which can run up to several hundred dollars.

When the appraised value is lower than expected, the transaction may be delayed or even canceled. Almost all mortgage applications require the lender to appraise the home as part of the underwriting process. Ideally, the lender wants to see the appraised value equal to or greater than the price agreed upon by the buyer and seller, but sometimes the appraised price is lower. In these situations, the buyer and seller must come to a mutually beneficial solution to ensure the transaction goes through.

To know more about appraisal:

brainly.com/question/22241447

#SPJ4

You might be interested in

You want to save sufficient funds to generate an annual cash flow of $55,000 a year for 25 years as retirement income. You curre

Fynjy0 [20]

Answer:

The correct answer is $7,056.46

Explanation:

Giving the following information:

You want to save sufficient funds to generate an annual cash flow of $55,000 a year for 25 years as retirement income. How much do you need to save each year if you can earn 7.5 percent on your savings?

Final value= 55,000*25= 1,375,000

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (1,375,000*0.075)/[(1.075^38)-1]= $7,056.46

5 0

3 years ago

Hubert works for MRK all year and earns a monthly salary of $ 11,900. There is no overtime pay. Brooke's income tax withholding

Rom4ik [11]

Answer:

monthly salary $11,900

income tax withholding 10%

United Way contribution 5%

health insurance $125

cumulative earnings until September 30 = $107,100

Brooke's net pay for October:

Gross pay $11,900

federal income tax withholding -$1,190

United Way contribution -$595

Social Security -$737.80

Medicare -$172.55

health insurance -$125

net pay = $9,079.65

October 31, 202x, wages and payroll taxes expense

Dr Wages expense

Dr FICA tax (OASDI) expense

Dr FICA tax (Medicare) expense

Cr Federal income tax withholding payable 1,190

Cr United Way contribution payable 595

Cr FICA tax (OASDI) withholding payable 737.80

Cr FICA tax (OASDI) payable 737.80

Cr FICA tax (Medicare) withholding payable 172.55

Cr FICA tax (Medicare) payable 172.55

Cr Health insurance 125

Cr Wages payable 9,079.65

No FUTA or SUTA tax expense because they only apply for the first $7,000 earned per year. Since we are not told if the employer also pays a % of the health insurance, then we cannot calculate it, nor any 401k contribution.

3 0

4 years ago

From 1965 to 2013, women went from 9 percent to _____ percent of u.s. medical students. 52 30 47 12

LUCKY_DIMON [66]

The answer to this question would be: 47%

In 1965, there are just 9% of women that taking medical program but in 2013 the amount is nearly same as the man. The increase is more intense before 1990 which was 40%. It would be 31% increase from 1965. The percentage of the total applicant and the accepted applicant is nearly same, so the increase is mostly done because there are more women applicant in later years.

8 0

3 years ago

Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Material

snow_lady [41]

Answer:

cost of goods manufactured= $730,920

Explanation:

Giving the following information:

Materials $167,500 $149,080

Work in process 112,230 99,880

Direct labor $301,500

Materials purchased during March 321,600

Factory overhead incurred during March:

Indirect labor 32,160

Machinery depreciation 19,430

Heat, light, and power 6,700

Supplies 5,360

Property taxes 4,690

Miscellaneous costs 8,710

Total overhead= $77,050

<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>

<u></u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 112,230 + (167,500 + 321,600 - 149,080) + 301,500 + 77,050 - 99,880

cost of goods manufactured= $730,920

4 0

4 years ago

Rap star Xzibit has signed an endorsement deal with athletic footwear manufacturer Dada to produce shoes. The line named "Pimp Y

patriot [66]

Answer:

The correct answer is letter "A": opinion leader.

Explanation:

An opinion leader is a person who, due to the expert status obtained and because that individual represents a trusted source, has a major influence within a given group. Opinion leaders tend to be charismatic, well-known, and serve as a community leader. Moreover, opinion leaders must have an in-depth knowledge of the issue involving the group.

8 0

4 years ago