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Roman55 [17]
3 years ago
7

An offer is made on a property listed with broker Green for $93,000. The offer is for $91,000 and the buyer will be obtaining FH

A financing. The appraisal comes in at $88,000. What recourse does the buyer have?
Business
1 answer:
NemiM [27]3 years ago
5 0

Answer:

An offer is made on a property listed with broker Green for $93,000. The offer is for $91,000 and the buyer will be obtaining FHA financing. The appraisal comes in at $88,000. The recourse which the buyer have is:

  • The buyer may get an FHA loan provided the difference between the appraised price is paid in cash.

Explanation:

  • FHA stands for Federal Housing Authority. The FHA loan helps the buyer to get the home and it is a mortgage that is issued by the approved lender of the FHA.
  • The benefit of this loan is that these loans require a lower minimum down payments and credit scores as compared to other conventional loans.
  • In our case, the buyer will get the the financing from FHA to cover the difference of money between appraised price and actual price of the property.
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Answer:

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4 years ago
An agent does not like another broker and refuses to present his offers. The agent's employing broker notices he does a good job
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Answer:

Not ok and both broker and agent can be in trouble for lack of supervision

Explanation:

Based on the information provided within the question it can be said that this situation is not ok and both broker and agent can be in trouble for lack of supervision . This is because the agent and the employing broker are obligated to put the client's interests first and have no authority to withhold any offers from the client. That being said the employing broker also has the responsibility of supervising the employees and making sure that personal views do not affect the business decisions.

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Answer and Explanation:

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