What Do You Do As A Home Seller When The Appraisal Comes in Less Than The Purchase Price You Accepted?
Certain types of transfers are specifically exempted by California Civil Code § 1102.2. These are as follows:
(1) Transfers requiring a public report pursuant to § 11018.1 of the Business and Professions Code and transfers pursuant to § 11010.8 of the Business and Professions Code where no public report isrequired.
(2) Transfers pursuant to court order (such as probate sales, sales by a bankruptcy trustee, etc.).
(3) Transfers by foreclosure (including a deed in lieu of foreclosure and a transfer by a beneficiary who has acquiredthe property by foreclosure or deed in lieu of foreclosure).
Do nothing from rivalry or conceit, but in humility count others more significant than yourselves. - Philippians 2:3
Last week, the inaugural “Homebuyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership.
Consumer Lending Executive, D. Steve Boland, explained:
“Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.”
Boland went on to say:
“The path to homeownership is a journey and can be as overwhelming as it is exciting. For many people, this is the single most significant financial transaction they will ever make.”
This was evidenced in the report when they asked today’s homebuyers to define homeownership. Their answers tell the whole story.