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Mortgage Question (if market goes down)
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Mortgage Question (if market goes down)
What happens if a house (new construction) is listed for a certain price, but the market goes down and the bank will not appraise it for that value?
What are the odds that would happen?
Would the builder be forced to lower the house price?
TIA!
Message edited 10/5/2007 11:59:49 AM.
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Posted 10/5/07 11:59 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Mortgage Question (if market goes down)
Only if he wants to sell it....
If the market was going up, he'd raise the price....
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| Posted 10/5/07 1:32 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Mortgage Question (if market goes down)
i think that would mean that the buyer would need to have a down payment to cover the difference between what the house appraised for and what the purchase price was.
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| Posted 10/5/07 2:11 PM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: Mortgage Question (if market goes down)
Posted by GoldenRod
If the market was going up, he'd raise the price....
Well, he can't raise it, we have a contract for the price. I just wonder with the crazy market now, if by the time the house is finished being built, "WHAT IF" it's not valued as high as it was months prior?
We can pull out (just lose our earnest money), but we don't want to have to do that. I am just trying to think of the worst cases.
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| Posted 10/5/07 3:23 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Mortgage Question (if market goes down)
Message edited 1/30/2009 10:11:56 PM.
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| Posted 10/5/07 3:41 PM |
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