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U.S. Weekly Real Estate Update

Let's see what's going on with the market this week...

U.S. Weekly Real Estate Update

Let's see what's going on with the market this week...

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'Big Bang Theory' star Simon Helberg lists Los Feliz mansion for almost $9.9 million after purchasing his new Pasadena estate for $8.4 million.

Everything You Need to Know About Mobile Homes

Don't knock 'em 'til you know everything about 'em - here's all you need to know about mobile homes.

Word of the Day

Appraisal Contingency

To ensure that the buyer (and lender) is paying a fair amount for the home, buyers insert an appraisal contingency, which allows the buyer the ability to walk away from the purchase without penalty if the appraisal returns a value lower than a set value (usually the purchase price). Aside from walking away, the buyer can renegotiate for a lower price with the seller, request that their lender make an exception, and approve their loan as if the property had appraised to match the purchase price or make up the difference between the purchase price and appraised value via their own funds. In most cases, if the buyer makes use of the appraisal contingency to walk away, they are likely to receive a complete refund of their earnest money. However, buyers must be cautious and include this in the contract to avoid problems at a later stage.

Marta decided to back out from the sale via the appraisal contingency after the home was valued below the purchase price.

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