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Rodrigues Guest 0.10 Dollars($)	Posted: Tue Jul 19, 2005 1:32 am    Post subject: appraisal I wanted to buy a house. so I applied for mortgage. The closing date is approaching but two days ago I came to know that the appraised property value is greater than the sale price.what should I do?
Sam Site Admin Joined: 21 May 2005 Posts: 212 Location: CALIFORNIA 97.82 Dollars($)	Posted: Tue Jul 19, 2005 3:59 am    Post subject: Hi Guest, Quote: I wanted to buy a house. so I applied for mortgage. The closing date is approaching but two days I came to know that the appraised property value is greater than the sale price.what should I do? You need not worry as the appraised property value is greater than its sale price. Your lender may decide to cancel the mortgage but you should negotiate with him. There is a possibility that if you pay a large down payment, you may be approved for the loan. you should also try to convince the seller so that he can reduce the sale price of the property. You may also ask your agent to find out the properties with which your property has been compared to get the appraised value. You should find out whether the properties are in good condition. In case those properties need improvement, you should ask the appraiser to make adjustments regarding the appraised property value. But it is better if you request the appraiser for a second appraisal of your property as this may prevent the lender from canceling the mortgage. We hope that you will be benefited from this information. Regards Adonis
jameshogg Joined: 20 Dec 2005 Posts: 1514 Location: nevada 210.98 Dollars($)	Posted: Thu Feb 09, 2006 12:26 pm    Post subject: If you find that the appraised value is greater than the selling price of the house then, immediately inform your lender and at the same time take steps for a second appraisal. There are possibilities that a result may come out with the lender through negotiation. Lenders use to grant money based on the sale price or the appraised value, whichever is less. So there may be adjustments required to be made on the lender's part. James

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