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The real question is why are you willing to pay above appraisal price for anything in this market? Second, would you pay $5000.00 above Blue Book for a used car? That's the way any lending institution looks at it. Finally, if you ask these type questions, maybe you need to re-think if you're ready to buy a house.
The real question is why are you willing to pay above appraisal price for anything in this market? Second, would you pay $5000.00 above Blue Book for a used car? That's the way any lending institution looks at it. Finally, if you ask these type questions, maybe you need to re-think if you're ready to buy a house.
He's not as crazy as you make him out to be. I don't know the real estate market is in your neck of the woods, but in my area values are rising faster than comps and appraisers can keep up with them. In the end, the value of an asset is merely what the general populace of buyers are willing to pay for it. An appraisal is just an educated guess as to what that value is. As appraisals are based on comps which are months old, by the very nature of the process they lag behind the market.
Anyway, to answer the OP's question. There are ways around a low appraisal. One is getting the seller to lower the sales price, but there are many others. Talk to your agent and your lender. I'm sure they'll have tons of ideas for you.
no. Cash only. you can't take out the difference from a credit card as that will bring your ratios out of balance.
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