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Real Estate
Reply to "Bought a house last fall for 800k serious buyer offering for 1.35 million, what would you do?"
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[quote=Anonymous]I know that OP has already made up her mind what to do, but just in case someone else has a similar situation, one other issue to consider is the financing. You need to find out what the buyer's situation is for financing. The more money that they buyer is expecting to borrow, the less enticing this is. You would need to get a current appraisal of the property and make sure that the buyer has enough money in cash to cover the difference between the appraisal value of the house and the agreed upon price. For example, if the house were to appraise for $1M (a nice hefty 25% increase in value over 12 months), then the buyer will have to show proof that they have a least $350K cash in hand to cover the difference. There are many mortgage lenders who will not finance over the appraised value (and others who will only appraise up to some value like 105% of value) and so it's not worth going through a lot of effort if they can't pay for it.[/quote]
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