Commerce – Vegan Light Chocolate Nowhey Sat, 22 Jan 2022 11:05:33 +0000 en-US hourly 1 Commerce – Vegan Light Chocolate Nowhey 32 32 Government withdraws income tax exemption of Rs 140 billion Tue, 23 Mar 2021 05:55:22 +0000

Published on March 19, 2021 4:38 p.m.

The federal cabinet has approved summary release of the order.

ISLAMABAD (Dunya News) – Fulfilling another International Monetary Fund (IMF) condition, the Pakistani government Tehreek-e-Insaf (PTI) on Friday decided to scrap the Rs 140 billion income tax exemption.

The government has decided to remove 140 billion income tax exemptions for which a presidential order has also been approved.

The federal cabinet has approved summary release of the order.

According to sources, the procedure for filing the Presidential Ordinance was completed while the bill was not passed by Parliament due to lack of time.

IMF to resume stalled lending program

In February, the IMF and Pakistan announced the resumption of a stalled $6 billion lending program, raising hopes that the South Asian country will return to global bond markets as it is working to revive its Covid-hit economy.

The international lender said a newly agreed package of measures under a three-year loan signed in 2019 aimed to “ensure debt sustainability and advance structural reforms”.

The deal was expected in October last year but was delayed, Pakistani officials say, mainly due to Prime Minister Imran Khan’s refusal to agree to belt-tightening measures at the height of the coronavirus pandemic. .

Pakistan received $1.4 billion from the IMF in April 2020 to help it respond to the pandemic. The fund said on Tuesday that its support had helped the government adopt health containment measures and put in place a temporary fiscal stimulus, a broad expansion of the social safety net, monetary policy support and targeted financial initiatives.

The Asian Development Bank (ADB) said it expects Pakistan’s economy to grow 2% this year after contracting in 2020.

After Tuesday’s announcement, a senior government official told the Financial Times that Pakistan had already raised the price of domestic energy, one of the conditions agreed with the IMF.

Other measures should include increasing tax revenue in the next fiscal year from July to June, he said.

DHFL lenders file for personal insolvency against Wadhawans Tue, 23 Mar 2021 05:55:22 +0000

Mumbai: Dewan Housing Finance Corp Ltd lenders have applied to the Mumbai bench of the National Company Law Tribunal (NCLT) to initiate personal insolvency proceedings against former developers Kapil and Dheeraj Wadhwan, according to a person familiar with the matter. case.

DHLF must 87,031 crores from financial creditors, including 39,000 crore from banks. “We will contact Catalyst Trusteeship Ltd (CTL) and see if they can join in or perhaps if they can ask the banks to reduce their recovery in the resolution in proportion to the recovery of the Wadhawans if any,” one said. bondholders who spoke conditionally. of anonymity.

Union Bank of India, the lead bank, filed a lawsuit on behalf of all the lenders against the entire exposure of 38,000 crore. Alvarez & Marsal has been appointed as the resolution professional (PR) in this case.

The recent move by lenders comes at a time when the mortgage financier’s resolution process is currently underway and lenders have called for a fresh round of auctions from existing bidders for the fourth time.

“The process of opening the insolvency proceedings started 2 months ago and the file was filed on Tuesday evening. The PR can invite other creditors to claim claims,” the person quoted previously said.

In October, Wadhawan offered to pay more than 43,000 crores to all creditors without discount. Last week, Mint reported that Wadhwan had approached NCLT against the administrator of the bankrupt mortgage lender and the Committee of Creditors (CoC) over offers made by the four suitors seeking to repossess its assets.

He also asked the NCLT to be allowed to participate in CoC meetings as his advocacy with the Administrator did not work.

In a motion filed Nov. 24, Wadhawan asked the court not to allow bids received from the four bidders, Oaktree Capital, Piramal Enterprises, Adani Group and SC Lowy, calling their bids “absurd”.

Adani made the highest bid among the bidders of 31,250 crores for purchasing DHLL’s entire business.

Wadhawan highlighted the efforts to ensure repayments to creditors and the resolution plan proposed by him without any discount for lenders to whom DHFL owes approximately 88,000 crore. The plea urged the bankruptcy court to order that DHFL’s resolution plan be submitted to an independent expert appointed by NCLT along with bids received from all four bidders.

Wadhawan appealed that until the hearing and final decision on the final claim, the court should order the administrator to grant him access to all documents and records of DHFL.

He also urged the NCLT to request the CoC and the administrator to defer consideration of the bids received from the four bidders until the hearing and final decision on the Wadhawan’s final appeal.

Wadhawan, in a November letter to RBI-appointed administrator Subramaniakumar, had requested a second hearing with the lenders to reconsider the proposed resolution he had submitted in October.

“Even today, I am prepared to adhere to the principle of 100% repayment of principal amounts to all creditors without any discount, as I believe from the activities of DHFL that such recovery is possible” , Wadhwan said in the letter.

“As an added incentive, I am also willing for all creditors, including the NCD and fixed deposit holders, to convert some of their debt into equity in order to take advantage of the increased equity that they will get once the business is revived and revitalized and the business resumes normal operations,” he said.

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Breakingviews – HSBC fires on a shaky single cylinder Tue, 23 Mar 2021 05:55:22 +0000

The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain March 3, 2016.

LONDON (Reuters Breakingviews) – HSBC chief executive Noel Quinn is trying to revive the struggling $90 billion lender, but the ground continues to shift beneath his feet. With low interest rates undermining revenue across all divisions except investment banking, the London-based bank’s cost cuts will need to go much further than originally planned to bring yields down to a level respectable.

Monday’s second-quarter results showed that the investment banking sector is the only real growth sector. Revenue from fixed income, currencies and commodities trading jumped 79% year-on-year to $2.1 billion. Yet even this exceptional performance could not offset a fall in retail and commercial banking income, where lower central bank interest rates led to lower net interest income. Group-wide revenue fell 4% year-on-year, after adjusting for one-time items such as currency fluctuations.

Quinn’s problem is now twofold. First, investment banking is hardly a reliable source of income: HSBC traders benefited from a spike in volatility and wider bid-ask spreads in the second quarter, which have since narrowed. Other businesses, including its main Hong Kong unit, seem unlikely to pick up the slack given the territory’s deep economic contraction and political unrest. Second, the anticipation of bad debt is eating away at earnings to a much greater extent than originally expected. Quinn recorded a charge of $3.8 billion for expected credit losses in the second quarter. That was $1.2 billion more than analysts had expected and 30% more than the equivalent charge for the first three months of the year.

The upshot is that Quinn’s restructuring program, unveiled in February and which targeted a 10% to 12% return on tangible equity in 2022, will have to be bigger. Analysts expect HSBC to have about $158 billion in tangible equity that year. To hit the bottom end of the return target, Quinn would need $15.8 billion in revenue. Using a 21% tax rate, consensus bad debt estimates and its target cost base of $31 billion, this would require $55 billion in revenue – roughly equivalent to what HSBC has made last year. Repeating this will be a boost.

The only leverage Quinn has is cost. It is certainly making progress on its initial restructuring plan: adjusted expenses were down 7% year-on-year in the second quarter. But to realize its ambition for longer-term returns, it will need a lot more.

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Credit Suisse plans to lend after lower-than-expected Q4 loss Tue, 23 Mar 2021 05:55:22 +0000

By Brenna Hughes Neghaiwi

ZURICH (Reuters) – Credit Suisse said on Thursday it plans to boost lending volumes and capitalize on the boom in equity listings to shore up its earnings, after low interest rates and legal fees took a hit. pushed the bank into the red in the fourth quarter.

Switzerland’s second-largest lender posted a net loss of 353 million Swiss francs ($392.8 million) last quarter after booking 757 million francs in legal fees, beating analysts’ forecasts for a loss of 566 million Swiss francs. francs but leaving an annual profit down 22%.

The bank is now looking to boost its wealth management business by strengthening its onshore presence in China and expanding elsewhere in Asia-Pacific, chief financial officer David Mathers told Reuters in an interview.

It is also looking to allocate more capital to its international wealth management division outside of Asia to increase lending, and said it saw net interest income begin to stabilize after interest rates fell. put pressure on the company last year.

The bank’s shares were down 0.8% at 1045 GMT, with analysts reporting mixed results.

Earnings cap a tumultuous year for Credit Suisse, which began with the ousting of Tidjane Thiam as chief executive following a spy scandal, then the onset of the pandemic just as his replacement Thomas Gottstein took over. bar.

Wealth managers have largely benefited from bumper deals and client demand for more advice during the COVID-19 pandemic, helping rivals UBS Group AG and Julius Baer Gruppe AG make bumper gains.

Credit Suisse, however, faced setbacks in its core business last year everywhere but Asia.

Outside of Asia, only investment bank Credit Suisse managed to boost earnings in 2020 as higher loan losses, negative interest rate headwinds and a strong Swiss franc weighed on profits.

In the fourth quarter, fixed income trading revenue fell 8% year-on-year to 713 million Swiss francs, while equity sales and trading profits fell 5% to 498 million Swiss francs , underperforming strong gains from some other investment banks. .

Barclays reported a strong year for investment banking on Thursday, with strong earnings from its equity and fixed income businesses in line with its US peers.

Credit Suisse said it started 2021 with its strongest January in a decade, with pre-tax profit up across all divisions and investment banking and trading businesses showing particular strength.

Factoring in the one-time gains that boosted results in 2019 and pulled them back in 2020, he said he would have recorded a 6% pretax profit gain for the last year.

The Zurich-based bank is aiming for 10% annual profit growth in its wealth management business over the next three years.


Gottstein, who became chief executive last February as the novel coronavirus surged in China, is reconfiguring Credit Suisse’s investment banking business and is targeting branch closures and a digital overhaul of its home business to cut costs.

Its standalone international wealth management unit, which covers wealthy clients outside of Asia and Switzerland, saw net income fall 17% in 2020 as one-off trades failed to offset the impact of lower rates interest rates and the decline of the US dollar.

The division was also hit by a 414 million franc writedown in the fourth quarter on a stake in a hedge fund, which impacted its troubled asset management business.

Its private client business in Switzerland, covering both high net worth customers in the home market and the bank’s only retail accounts, saw its pre-tax profit fall 16% due to lower income and higher provisions for loan losses.

At the same time, its Asia-Pacific business saw revenue rise 4% on higher transaction fees and the region’s strongest post-pandemic recovery. This, however, did not offset a jump in loan provisions, resulting in a 10% drop in profits.

In a reversal of fortunes, investment bank Credit Suisse, which has been the subject of overhaul efforts over the past five years, saw its revenue increase in 2020, helping the company achieve its second year. consecutive profit gain.

The bank offered a dividend of 0.2926 francs per share, up 5.4%, and said it began a buyback in January as part of a total of 1.0 to 1.5 billion francs of takeovers it is aiming for this year.

($1 = 0.8987 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi; Editing by Christopher Cushing and Jan Harvey)

Scotiabank CEO says pandemic will permanently change the way people live and work Tue, 23 Mar 2021 05:55:22 +0000

Geoff Zochodne


The Bank of Nova Scotia chief executive predicted on Tuesday that the COVID-19 crisis will forever change the way people live and work, but the lender and the banking system as a whole will be able to weather the storm.

“While the scale of the coronavirus pandemic is unlike anything we have faced in recent memory, it is certainly not the first crisis we have navigated,” said the president and CEO. Scotiabank executive Brian Porter at the lender’s annual shareholder meeting, which was held virtually due to the virus.

“There will undoubtedly be lessons to be learned from the crisis for us, at the bank, and for society in general. There will be permanent changes in the way people live, interact and work. New habits will be formed and behaviors entrenched.

Porter added that, despite the current pressures on the banking system, he would weather the crisis. The same is true, he said, of Scotiabank, which Porter said has spent more than $15 billion on technology over the past five years.

The Toronto-based lender has also spent the past few years strengthening its international focus, exiting non-key markets, and now generates 95% of its revenue from Canada, the United States, Chile, Colombia, Mexico, Peru and the Caribbean. Porter said Latin American governments had very low debt-to-GDP ratios at the start of the crisis, which gave them more leeway to react.

“Scotiabank will continue to be an integral part of the banking systems in every jurisdiction in which we do business,” Porter said.

“We are resilient and we will get through this crisis on solid foundations.”

The comments from the CEO of Canada’s third-largest bank come as the coronavirus has forced the country’s biggest lenders to adapt their operations and offer hard-hit customers financial relief, such as allowing them to defer mortgage payments and reducing credit card interest rates. . The federal government and the Bank of Canada have also decided to inject massive fiscal and monetary stimulus into the economy and the financial system, including ensuring that banks have the means to continue lending to consumers and companies.

Banks face the prospect of higher loan losses and lower revenues this year given the sudden economic upheaval, difficulties customers are having in paying their bills and the assistance lenders can offer their customers . Porter said the bank is seeing “financial stress” on households and almost all small and medium businesses, but the federal government has been working closely with Canadian banks on relief efforts.

“Clearly we’re in this together, and the only way to get through this is together,” the CEO said.

Granby Ranch goes to lender in foreclosure sales; Skiing, golf amenities postponed to Friday Tue, 23 Mar 2021 05:55:22 +0000

Editor’s note: An earlier version of this story incorrectly stated which properties had been sold to the lender. Three of the properties went to the lender, but the parcel containing the ski and golf resort was sued until Friday August 14. The story has been updated to reflect this.

Granby Ranch foreclosure continues with three more properties going to the lender.

On Friday, Granby Prentice paid the compensatory bid on three of the four remaining trust deeds. The foreclosure sales were originally scheduled for July 17 with a property known as the Manager’s Parcel going to Granby Prentice as a deficiency bid on July 24.

The three properties that went to the lender were also deficiency offers totaling more than $2 million. The remaining parcel contains the majority of the ski and golf resort with a starting bid of $10 million. This sale continued until Friday.

The future of Granby Ranch remains cloudy. While the parcel containing the ski and golf resort will likely go to the lender, the amenities will still be dictated by the lease-purchase agreement with the Headwaters Metropolitan District.

With the manager’s plot, Granby Prentice will likely take control of Headwaters and those deals. Headwaters has not met since May 30, when it approved a contract with Touchstone Golf to operate the golf course this summer.

At the time, Headwaters chairman Lance Badger said talks were continuing with Ridgeline Executive Group, the lender’s agent who had previously expressed interest in taking over management operations.

Badger declined to comment. Neither Ridgeline nor a representative for Granby Prentice responded to a request for comment Friday.

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Commercial Loan Corp – Offers “Free Property Tax Savings Estimate and Consultation” for Beneficiaries Inheriting a Home – Maintaining Parental Property Tax Base Tue, 23 Mar 2021 05:55:21 +0000

NEWPORT BEACH, Calif., March 10, 2021 (SEND2PRESS NEWSWIRE) – Now that the limitations and changes to property tax relief in CA Proposition 58 have come into effect on February 16, 2021 due to Proposition 19 – the Popular real estate lender and trustee Commercial Loan Corp in Newport Beach is offering heirs and beneficiaries inheriting a parent’s home a free consultation and property tax savings estimate – to keep their parents’ property tax base low .

This Free consultation to save on property tax helps assess the benefit of an irrevocable trust loan, especially for beneficiaries who wish to keep the inherited property at their parents’ low property tax rate, thus avoiding the current market reassessment. This often involves a quick buyout from siblings looking to sell their share of the same inherited property.

Families, beneficiaries or their attorneys who wish to enjoy the benefits of Commercial Loan Corp Free consultation to save on property tax call the firm’s main office at 1-877-464-1066. The company helps families and beneficiaries by helping them avoid property tax reassessments and determines how much a family can expect to save in property taxes (saving on average over $ 6,000 per year); as well as weighing the costs and benefits of a trust loan running alongside Proposition 58 – allowing for the buyout of property inherited from co-beneficiaries, while keeping a relative’s property tax base low. Regarded as one of California’s leading trust lenders, the firm works for families alongside their attorney, accountant, or property tax consultant, such as many families testify.

Tanis Alonso, Senior Account Manager at Commercial Loan Corp, describes the company’s estate and trust lending service: “We don’t think of every fiat lending scenario as just a ‘financial transaction’. Neither do we see the house they have lived in for decades as mere “real estate”. For us, it is a “piece of family history” in the making. And the process is a “family decision”, not a “transaction”. We see our clients as real families whom we support, financially and emotionally, and not just clients signing a loan trust agreement. We love to help people… get them money when they really need it – and save them costs with a loan in trust.

Ms. Alonso also explains the business process: “In addition to reducing property taxes, the key issue for families is selling, rather than keeping, inherited property. By keeping the homestead, everyone gets more money than if they sold the property to an outside buyer. Factoring in the real estate agent and transaction fees of about 6.5%, the average trust receives $ 45,716 more to distribute using a loan in trust to hold the property than if it sold the property. Each beneficiary receives an average of $ 16,652 more from someone who keeps the property, instead of selling it. And the overall average annual property tax saving is $ 6,043.

Commercial Loan Corp provides loans to trusts and probate estates, and helps maximize the distribution of funds to a trust or estate; allowing beneficiaries to buy back property inherited from co-beneficiaries. When granting mortgages to trusts or probate estates, the firm helps clients avoid revaluation of property at current tax rates – allowing families to keep a parent’s tax base low of Proposition 13 – by obtaining a parent-child exclusion, save a lot of money on annual property taxes.

To get a Free consultation to save on property tax establish a permanent and weak property tax base; or to receive a loan in trust to buy back property shares from co-beneficiaries, and learn more about maintaining a low parental property tax base when inheriting family property – owners and California beneficiaries can call Commercial Loan Corp at 1-877-464-1066.

Commercial loan company

Main office: 1-877-464-1066

Mobile texts: 1-917-544-0551




Media communications PR: G Sadwith

News Source: Commercial loan company

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4th Circ. Denies habeas offer from jailed ex-Taylor Bean Exec Tue, 23 Mar 2021 05:55:21 +0000
By Dave Simpson (Aug 26, 2020, 11:27 p.m. EDT) – The Fourth Circuit on Wednesday rejected an offer from former Taylor Bean & Whitaker Mortgage Corp. chairman Lee Bentley Farkas to overturn his fraud conviction, saying that he could not file for a general writ of habeas corpus because his remedy under another section of the habeas corpus law, specifically for federal inmates, is not “inadequate or ineffective” .

In a unanimously released decision, the panel concluded that Farkas’ offer for general habeas corpus is not backed up by a clause that creates an exception for federal prisoners, as constitutional claims – in his case , an alleged violation of his Sixth Amendment right to counsel …

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The fintechs that went bankrupt in 2020 Tue, 23 Mar 2021 05:55:21 +0000 CharacteristicsAlternative loansDigital bankSavings and investment

It’s been a year of ups and downs for fintech and despite an overall positive year for the industry, not all companies have made it to 2020.

Image source: Photo by fotografierende from Pexels

Fintech companies have been at full throttle for several years, with valuations continuing to soar despite the disruption caused by the pandemic last year.

Of course, however, in the startup world, things don’t always go as planned. A number of companies failed to reach 2020.

It was not in most cases simply due to the pandemic, but it is clear that the greatest social and economic shock of a generation has played its part. While many of those who eventually prospered in 2020 faced a more difficult effort to raise funds, others had to cut costs by withdrawal from international expansion or by slashing marketing. Some simply closed shop or went bankrupt in a fog of scandal.

In this article, we take a look at which companies have gone bankrupt and explore why.

Wired card

Wirecard was fintech’s biggest victim of 2020. The listed German payment and card service provider filed for bankruptcy in June in the midst of one of the biggest corporate scandals for many years.

The immediate fall was severe. the FCA, the British financial regulator, ordered Wirecard’s UK subsidiary, Wirecard Card Solutions (WCS), to suspend all its activities just 24 hours after its German parent company filed for bankruptcy.

A number of UK fintechs, such as Revolution, Pocket, Soldo, Anna Money, Holvi and Curve were affected by the outage for several days, leaving clients unable to access funds.

While the lawsuit against Wirecard is still ongoing, many of its various subsidiaries were sucked in by rivals in the second half of 2020 including UK assets purchased through Railsbank and Paynetics.

Royal Bank of Scotland (RBS) effort to steal a walk on the likes of Monzo and Starling was short lived. Bó is an autonomous flanker brand bank, closed its digital doors in April of last year after only six months of action.

Bó had officially launched at the end of November 2019 but at the beginning of 2020 had already fired its CEO Mark Bailie with Marieke Flament, CEO of RBS’s other complementary brand – SME focused Courage – take control.

In February, he again touched the rocks in front of replace all customer cards after a strong client authentication problem.

The bank, which focused on retail customers, had received around 11,000 registrations, RBS noted.


German alternative lender Monedo, Previously Kreditech, filed for bankruptcy in September 2020. It is said to have run into problems after several European governments allowed borrowers to postpone loan repayments during the coronavirus pandemic.

Monedo has been hit hardest by new laws introduced by the Spanish and Polish governments, among the biggest fintech markets.

Backed by JC Flowers and Peter Thiel, the lender changed its name in March 2020 following a two-year shift in strategy to offer near-premium consumer loans. It employed around 350 people and lent money to India, Poland, Russia and Spain.

Growth Street

In the UK, another alternative lender Growth Street opted for a gust of wind in July 2020 after a litany of challenges. The lender was launched in 2015, having made more than £ 500million in loans in five years, but ran into problems in 2019.

CEO Greg carter left the company in December 2019 and in mid-March launched a “liquidity event” and closed investor access to its platform in a bid to stabilize its operations amid the pandemic of coronavirus.

In May 2020 its 2019 accounts saw losses increase to £ 1.86million.

The Covid-19 then created a number of challenges for the business and investors pulled out of the business recapitalization.

“We have assessed all of our realistic options, including discussing with our shareholders and other institutions to find a solution that would allow us to create an economically viable business in the future while allowing us to offer a leadership proposition on the market. market to our customers, ”said the COO. Kim Goetzke at the time.

“Unfortunately, in the current environment, it was not possible to bring together all of the equity investments and institutional funding needed to continue the activity,” he added.


Open the banking app Bean announcement it would close in early March 2020, just a month before four years since its launch in April 2016.

The personal finance app, which was acquired by BGL Group in October 2018, helped users manage payments and subscriptions.

Pierre Myatt, the founder and former CEO of Bean, is now Director of Open Banking at, a subsidiary of the BGL group.

Orc Silver

In April 2020, one of the first retail-focused P2P loan aggregators closed its doors following an unsuccessful pivot with institutional investors.

CEO Iain Niblock wrote on LinkedIn that: “Unfortunately, we made the difficult and disappointing decision to shut down Orca.”

Orca moved away from retail investors and turned to institutional investors in 2019 during a period when the UK regulator launched a marketing crackdown on the retail market.

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What is a home assessment? Tue, 23 Mar 2021 05:55:21 +0000

The scenario: A house is listed at $ 450,000. But it’s a hot sellers’ market, stocks are low, and properties are recovering almost as soon as the “For Sale” signs pop up. You, the buyer, get into a bidding war and come out victorious (whoo-hoo!). However, you are now paying $ 475,000 for the place, which is $ 25,000 more than the list price. Is the house Actually worth that much?

Enter an appraiser, whose job it is to determine the fair market value of the home, regardless of the seller’s list price and the buyer’s intuition of the home’s value. The appraisal process involves an on-site inspection and a thorough review of comparables, or “comps,” which show the recent sale price of similar homes in the area.

“In a fast-paced market like the one we are experiencing today, it is more important than ever to be aware of the valuation process,” says Julie busby, a Chicago broker with Compass. “In short, banks hire appraisers to tell them that the value of a property is what the buyer is willing to pay.

In other words, the lender wants to make sure that the loan they are giving you is justified by the value of the house. So, if you stop paying, he could get back the value of the property.

An appraisal can also help protect homebuyers, according to Holden Lewis, a housing and mortgage expert with Nerdwalletbecause the Chartered Appraiser may find issues that were not brought to your attention when you visited the home. An example: let’s say you buy a house a few blocks from a junkyard and the wind was blowing away from the junkyard as you walked through the house. An appraiser familiar with the area would know that this occasional stench lowers the value of neighborhood properties and could factor it into the appraisal, says Lewis.

It should be noted that although the lender selects an appraiser to assess the value of the home, the actual appraisal fees are those that buyers cover as part of the closing costs. The average home appraisal is typically $ 300 to $ 400, according to Lewis, but it can start at $ 600 in some metropolitan areas and can exceed $ 1,000 for more complex properties.

A sticking point in the current market is the fact that house prices are rising rapidly in some neighborhoods, and appraisers might not take this fully into account, Lewis says.

So what if the appraisal is less than what you were willing to pay for the house? One way to avoid this problem in the first place is to avoid bidding well above the asking price or checking recent sales in the area to make sure your bid price is in line, says Caroline McCarthy, vice -President of Own, a mortgage market site.

Your real estate agent, the captain of your home buying team, can help you navigate this scenario, which could involve canceling the transaction or challenging the appraisal. One option is to renegotiate with the seller, Lewis says. Another option is for the buyer to come to the closing table with enough money to bridge the gap between appraised value and contract price, Busby says. Or, in some cases, the buyer and seller may meet in the middle.

Of course, houses can also assess for Following than the selling price. In this case, you have “instant equity” says Nicole wilhelm, a real estate agent in the San Francisco Bay Area. However, don’t worry too much about this step of the process: “More often than not, homes will be valued based on the purchase price,” says Wilhelm.

Ready for the next step ? here are the the biggest cities with the most expensive homes.

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