Home Buying in Oak Park>Question Details

Mrs. Cerise…, Home Buyer in Oak Park, MI

I offered 28k on a home assessed for 22k. My offer is cash. Mortgage loans won't cover more than the assessed value or am i wrong

Asked by Mrs. Cerise Thompson, Oak Park, MI Sat Aug 11, 2012

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Hi Mrs. Cerise Thompson,

Lenders won't lend more than what the house Appraises for - not what the assessment is. The assessment is not necessarily the current market value - which an appraisal is.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Sat Aug 11, 2012
You are correct.

Banks will only loan money up to the appraised value. In you case, they'd lend 22k and you'd have to pay the difference in cash.

Finding someone to do a loan for 22k is going to be extremely difficult, too.

Let me know if you need anything.

Eric Michael

734-564-1519

EricMichael@Remerica.com
0 votes Thank Flag Link Sun Aug 12, 2012
Im hoping my offer is accepted. This is my third bid on the same home in Oak Park. As I stated before it is a cash offer. Just wondering what the banks angle is here
Flag Sun Aug 12, 2012
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