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Posted on 9/13/12 at 2:44 pm to KG6
quote:
Where does the "true value" of the house come from if not the appraisal? I don't really understand that.
It just goes back to the concept that an item is worth what a person is willing to pay for it.
If a house appraises for $205,000 but only sells for $165,000, then they view it as being only worth $165,000.
And yea, I know it's kind of messed up. All it really does it show you how much bullshite the appraisal industry is.
Posted on 9/13/12 at 2:45 pm to KG6
You have to be in the house at least 6 months before you can cash out the equity. also most equity lines of credit limit themselves to 90% of the homes value so if he only puts 10% down he does have equity but cannot take it out of the house.
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