|
| Posted By |
Message |
jessbaby
My boys!
Member since 1/06 5292 total posts
Name:
Jessica
|
Appraisal question
When your buying a house does the house need to appraise for the whole purchase price or just for what you are borrowing from the bank?
|
Posted 6/14/08 9:08 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
TreAnt427
-
Member since 8/06 8652 total posts
Name:
Tracy
|
Re: Appraisal question
I think for just what you are borrowing, but in our case that is more than the purchase price.
Either way - you want it to appraise for more than your purchase price. That way you will already have equity.
|
| Posted 6/14/08 9:15 AM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Appraisal question
then it becomes a 100% mortgage- could be a HUGE issue
but if the appraisal doesn't cover what you are putting down - it's like throwing that money away
my DH says NEVER to buy a house that doesn't appraise for the full asking or more
|
| Posted 6/14/08 9:21 AM |
| |
|
Potentially Related Topics:
Currently 796877 users on the LIFamilies.com Chat
|
