Where does the cost savings go???
We are buying a house with a price of $155,000. The appraisal came in at $151,000. We want to settle on$152,000. My question is seeing how we are gonna save 3 grand off the price where is that savings reflected at? We are doing the min. 3.5% down payment if that matters.
Oops, I meant to say that your Lender is not going to allow a Loan Amount based on $152,000 Value, if the Appraisal shows $151,000.
Ditto what Mike says - you need to pay the extra $1000 in cash for the $152,000 sales price.
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Best wishes in your new home,
Fred
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Chope, The $3000 is the principle of your loan. If you were to buy the home for cash you would see the saving, but because you are borrowing the money the saving will be less and seen in a lower monthly payment. Fred wasn't totally correct. You have to put up $1000. The 3.5% downpayment would be based on the 151,000. If you need help email me at mike@murray4money.com
If the Appraisal came in at $151,000 then [most probably] your Lender is not going to allow a purchase price of $152,000.
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Best wishes,
Fred
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