A helpful guide to understanding mortgage

A mortgage is a loan that is acquired to purchase any real estate property. Buyers may not have the funds to buy an asset or may lack a portion of the amount required to purchase a property. During these circumstances, buyers opt to go for a mortgage. But the amount that is to be quoted for a mortgage is determined using a broker price opinion.

A broker price opinion is offered by a certified estimator or a real estate broker. This opinion elaborates on the present market value of a property that is put up for sale. This opinion is usually included in the listing agreement that is usually drafted while selling a property. Generally, money lenders and mortgage or loss mitigation firms require broker price opinions. But in several cases, the owners of houses that are brought for sale can also require these opinions. People prefer broker price opinions to appraisals since the former is less expensive than the latter.

The following are some of the circumstances during which broker price opinions are required:

 Short sales

 Foreclosures

 Portfolio evaluation

 Asset estimation

 Re-performing, non-performing, or whole loan sales

 Private mortgage insurance appeal requests

It should be noted that broker price opinions are not legalized in all countries. In places where broker price opinions are illegal, people are required to go with appraisals for estimating the value of a property.

A broker price opinion is drawn considering the market conditions and present land value in a locality. In several cases, the prices of several similar properties are compared as well. The following details are included in a broker price opinion:

 The age of the property under consideration

 The dimensions of the asset

 The neighborhood of the asset

 The amenities surrounding the considered property

 Zoning necessities

 The present physical condition of the asset

Move Offshore is famous for offering accurate broker price opinions. The company houses skilled and trained professionals to help those in need with estimating the value of a property. Thus, work with the professionals here to access accurate estimations at affordable rates.