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MIMI
Guest
0.10 Dollars($)
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 Posted: Wed Dec 05, 2007 6:12 pm Post subject: Can you sell home for more than appraisal in Oklahoma? |
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| I was told by my realtor that you cannot sell a home in Oklahoma for more than the appraisal value, even if the buyer agrees to the price and has a down payment so they do not have to borrow more than the appraisal amount. Talking a difference of about $3000.00. Just wanting to make sure I am getting the truth here and that my realtor is not just looking for a quick sale. |
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 larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Wed Dec 05, 2007 6:42 pm Post subject: |
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Hi MIMI,
Welcome to this forum.
When you go for a mortgage, the bank will appoint their own appraiser and he will give the bank an appraisal value of the property. Based on that appraisal, the bank will give you the mortgage. Now if the borrower wants to pay more than the appraisal, he will have to pay it from his pocket. But I don't think any borrower will do that.
Thanks,
Larry |
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shane
Joined: 03 Dec 2007
Posts: 68
Location: Orange County, CA
21.15 Dollars($)
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| Posted: Wed Dec 05, 2007 11:01 pm Post subject: |
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Also, on a cash transaction they can buy it for whatever amount they want, as there is no lender requiring it to be appraise for a specific amount. This is how Ted Turner is buying all of that land in Nebraska for prices higher than there has been in the past, paying cash... and it's worth it for him.
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TheBestHomeLoans.com
Mortgage Broker
Direct: 949-273-4161
Lending in 50 states + the District |
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jenkin7
Joined: 04 Jun 2007
Posts: 887
132.55 Dollars($)
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| Posted: Thu Dec 06, 2007 4:17 am Post subject: |
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Hello Mimi,
Is the appraisal value less than your cost basis?
Because if the price exceeds your cost basis, you will have to pay capital gains tax. Otherwise, if the buyer agrees to pay the price, you may sell it more than the appraisal value. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 818
Location: bloomfield, ct
51.66 Dollars($)
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| Posted: Tue Dec 18, 2007 2:05 pm Post subject: |
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unfortunately, on this stream, nobody has addressed your question, MIMI. you are asking about a specific law that your realtor is apparently discussing.
i'm afraid i don't know the answer to your question, either. do you have a lawyer handling your affairs? that's where you should go for this answer, frankly.
_________________
George M. Akerley
Relationship Manager
First Horizon Home Loans
37 Jerome Avenue
Bloomfield, CT 06002
860-286-9133
www.gmakerley.net |
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mikeshapiro
Moderator
Joined: 04 May 2007
Posts: 67
Location: Phoenix, AZ
27.17 Dollars($)
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| Posted: Thu Jan 03, 2008 2:22 pm Post subject: |
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There is no law I've ever heard of limiting what a private individual can sell another private party a peice of land for. If you want to sell a one bedroom condo in the woods for 500 million and another oil tycoon comes along and just things its the perfect get away and wants to pay cash for it, I can't imagine any law preventing that.
now if you involved a federally regulated loan, then there are laws and rules.
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Serving Appraisal needs in Arizona
www.4realvalues.com |
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