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jessbaby
My boys!
Member since 1/06 5292 total posts
Name:
Jessica
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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?
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Posted 6/14/08 9:08 AM  |
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Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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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.
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| Posted 6/14/08 9:15 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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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
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| Posted 6/14/08 9:21 AM |
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