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Unwrapping what to expect in your home inspection, appraisal and closing

Housing Wire

What’s the difference between a home inspection and an appraisal? Before you get overwhelmed, take comfort that critical milestones of home inspection, appraisal and closing processes are all great ways to get more acquainted with your prospective new home. Home Inspection. After all, no property is perfect.

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Closing on a House: Settlement Tips for Home Sellers

Realtor

What contingencies impact sellers before closing on a house While the burden is on the buyer to finalize financing for the home purchase and to obtain homeowners insurance , some contract contingencies will impact you, too, especially if you’re living in the home. Another important step prior to closing on a house is the appraisal.

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Home Appraisals – What Do They Look For?

D Fritz Appraisals

How Home Appraisers Decide on the Value of Your Property. There are many reasons you may need to know the value of your property and for this, you need a home appraisal. They are also used to assess the value of the home for home improvement loans and insurance evaluations. Valuation for insurance claims.

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What’s Included in Closing Costs?

PennyMac

From taxes, to inspection fees, to mortgage fees, you’ll need to make sure each party is paid to fully purchase your home. An escrow account is a special account that holds money for property taxes, premiums, homeowners insurance and mortgage insurance. FHA Mortgage Insurance Premium.

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Mortgage Term Glossary

Assurance Financial

Assessed Value. The assessed value of your home is how much it is worth in the eyes of the tax agency in your municipality. The assessed value is used to calculate your property taxes. It can be less than the market or appraised value of your home. Fair Market Value.

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Say What? Home-Buying Lingo You Should Know

Zillow

American Society of Home Inspectors (ASHI) : A not-for-profit professional association that sets and promotes standards for property inspections and provides educational opportunities to its members. Cash-value policy : A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur.

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What to Do If You Inherit A Home

McKissock

The legal issues or responsibilities, on the other hand, might involve situations where the property is co-inherited, for example, among siblings, and working together to find a common resolution becomes a nightmare. Tax liabilities: This can include federal estate taxes and property taxes. Rent out the property.