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re: Any mortgage brokers in here?
Posted on 10/7/12 at 8:58 pm to I Love Bama
Posted on 10/7/12 at 8:58 pm to I Love Bama
quote:
Why do the banks make you put a % down based on the buying price rather than what the house is worth?
They don't do either. They want you to put a % down based on what the appraiser thinks it is worth.
What you think it is worth and what the seller thinks it is worth don't matter two bits.
1
Posted on 10/7/12 at 9:23 pm to foshizzle
That simply isn't correct. Usually they take the lesser of the two. FYI. "What the appraiser thinks its worth" is actually what buyers and sellers think its worth since they basically only use sales comps on residential appraisals.
The ONLY thing that matters is what someone will buy the property for since that's where the money comes from. Think about it.
The ONLY thing that matters is what someone will buy the property for since that's where the money comes from. Think about it.
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