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Reply to "Would you pay over comps?"
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[quote=Anonymous][quote=Anonymous]Former real estate attorney - I don't think the mortgage company will let you close if appraisal comes in significantly lower than asking price. It's still a buyer's market, why would you pay more than comps? [/quote] The mortgage company will let you close if the appraisal is less than the sales price. The mortgage company will lend an amount based on the appraised amount not the sales price. For example if sales price is $700,000 but the property appraises for $650,000 and the down payment is 20 percent, the lender will lend 80 percent of $650,000 not 80 percent of $700,000. The buyer must then pay the amount that cannot be financed [/quote]
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