2007-06-14 14:54:06 · 5 answers · asked by benjamin s 1 in Business & Finance ➔ Renting & Real Estate
No. the sales price is the sales price. The $6,000.00 appraisal over sales price is meaningless.
2007-06-14 16:19:00 · answer #1 · answered by mcmufin 6 · 0⤊ 0⤋
No, the lender will use the lesser of the appraised value and the sales price. If you want that equity out, some lenders will require it to "season," meaning you will have to wait 3-6 months after your purchase loan closes. Some may do it sooner though.
2007-06-14 15:23:07 · answer #2 · answered by Scott B 3 · 0⤊ 0⤋
The sales price is the sales price, $224,000. If you want the equity you can get an equity loan or an equity line for little to no cost after you close on the purchase.
2007-06-14 15:07:43 · answer #3 · answered by Michael E 1 · 0⤊ 0⤋
If you're asking about the cost of the appraisal, that could be taken out in the closing settlement.
2007-06-14 15:17:12 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
No, the selling price is still $224,000 .
2007-06-14 15:00:55 · answer #5 · answered by Sin nombre 6 · 0⤊ 0⤋