Some deliberately overprice, while others ask for close to what they hope to get, and a few actually under price their houses with hopes that potential buyers will compete and overbid. The appraisal price is another estimate of value. The appraised price is how much money a professional appraiser estimates the home to be worth and usually is based on comps, or sales of comparable homes in the same area. Purchase price and sales price are the same thing. Both terms mean the amount of money the successful buyer actually pays out to purchase the home.
Numerous programs exist to help first time buyers purchase a home.
A host of lenders offer Zero to very low-down payment loan programs. Loan limits vary depending on the county where the property is located. Fannie Mae has a program allowing people to buy with just 3 percent down payments. For details, borrowers should contact lenders who offer government-insured loans. New loan programs arrive frequently so check with a lender for the latest information.