Question by  AlexTheGreat (25)

Can you give me an explanation of a line-by-line good faith estimate?


Answer by  tamarawilhite (17883)

It is an estimate of how much something will cost that is within reason. This is in contrast to "low ball" estimates when someone gives a bid or job estimate that is low enough to win the project as the lowest bid and then coming back and saying "material cost more, labor went over, you need to pay more".


Answer by  swaash (37)

In the world of real estate, the good faith estimate slogan is a standard form used to evaluate different offer of quotations from various lenders. As it is just an estimate, there may be a minor difference or a big difference in the absolute costs of closing.

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