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Tara Ross, Home Buyer in Georgia

my home was appraised for 90,000.00....but the bank wants 95,000.00 how should i counter back?

Asked by Tara Ross, Georgia Thu Apr 19, 2012

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4
If house needs any type of repairs, forward them; if house is near a waste facility, prison, any type of deterrent, submit that information. You can get a report with that type of info. I have also included listing of nearby sexual offenders in area. It shows the lender that it is not as their BPO shows. BPO doesn't give that info to bank because they are not looking for the worse, but the better in the house. Good Luck!
0 votes Thank Flag Link Sun Jul 8, 2012
Sounds like you are selling short. Buyer needs to respond with willingness to pay the difference for the short sale to be approved and close.
0 votes Thank Flag Link Sat Apr 21, 2012
Who appraised it and why?

You could always ask the bank to lend you the difference you need. They would prefer to do that than write off the difference.

Here is one from the dark side of my brain, ask your bank if they own any cheap vacant land (lots) offer to purchase a lot from them if they transfer the difference on your home deal to the lot. Sit on the lot or trade if later for something you need. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Apr 20, 2012
Hi Tara,
Is this a foreclosed home you are purchasing? If so, then you need to consult with your loan officer and your real estate agent. Only they have direct knowledge of your transaction.

The loan to value for a mortgage is based on the lesser of the sales price or the current appraised value.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Fri Apr 20, 2012
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