| Name:
Joshua
Title of Question:
Appraisal vs. Purchase Price |
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Question: We are looking to build our next house, and the loan officer told me that they will base my down payment on the appraisal amount. Now the propblem with that it the final price will be $50K+ less than the appraisal amount. Is it right to base the down payment that way? |
Post Your Answer To The Question Above:
Name:
lew
| Date: July 9, 2008, 1:43 pm
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| Answer:
(Very Poor English) Now the propblem with that it the final price will be $50K+ less than the appraisal amount. Is it right to base the down payment that way? |
| Name:
William
| Date: September 19, 2008, 3:53 am
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| Answer:
The down payment should be based on the sale price of the home. If you build, then the rules may be different. I would recommend checking with local agents, or other lendors, to find out if you're being drug around or if it's common practice. |
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