Did you know that not all properties are treated the same on the MLS® system when it comes to getting a mortgage???
Traditionally, a property gets listed on the MLS® system when a Seller uses a REALTOR® to facilitate the transaction......determining a value and obtaining accurate information regarding the home...just to name a few.
Since 2010, a person or persons wanting to sell their property were permitted to post the property on the MLS® system for a fee despite the lack of REALTOR® representation.
As far as lenders are concerned....when filling out a mortgage application, this type of real estate transaction is considered a 'private sale' as it is not facilitated by an agent.
Soooo....what this means is your lender may require a full appraisal on the property you are purchasing, adding to the cost of your purchase
Contact me to get more information!