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Posted on 11/15/12 at 10:10 pm to Tigah in the ATL
quote:
You just established its value
Not in the eyes of a lender.
For example, if you have a 2,000 sq ft house, and comps in the neighborhood say it should go for about $100/sq ft. You agree to purchase it for $300K, if you go into default and the bank has to sell the house, it's unlikely they will sell it for the $300K you purchased it for leaving them in a bind.
Posted on 11/16/12 at 7:51 am to Tigah in the ATL
quote:
How can the value of a home be different from its purchase price? You just established its value.
TJG210, the lender will require appraisal and based on that if appraises at 200k and purchase price is 250k, either buyer will need 50k from other source or seller has to drop price.
Always make offer contingent upon inspection, financing/appraisal. If you agree to pay over market value, the seller is under no obligation to sell it there if contingencies are not in place.
Anyone who thinks a person saying "I feel like my house is worth 300k" and a lending institution will just go along if another individual agrees is foolish
This post was edited on 11/16/12 at 7:58 am
Posted on 11/16/12 at 9:08 am to Tigah in the ATL
quote:
How can the value of a home be different from its purchase price?
You just established its value.
exactly, if the appraisal is more than the purchase price that just means the appraisal was off
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