Home Buying in 91307>Question Details

Maggie, Home Buyer in West Hills, CA

Which means that the bank will lend me a lower amount than what I have offered ?Correct ? thanks for your answer Terry

Asked by Maggie, West Hills, CA Fri Jun 1, 2012

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3
What matters most here and the key is how much the bank will qualify you for a loan.
0 votes Thank Flag Link Fri Jun 1, 2012
It sounds like we are coming in, on the tail end of a conversation:

You are either talking about offering too much for a house,
or,
the Bank's policy of only loaning 80% of the Appraised value,
or,
both.
But is there a question in there?
0 votes Thank Flag Link Fri Jun 1, 2012
First, you don't know whose measurement of square footage is correct, the agent or the public records. You don't know if the county is wrong or if the agent measured right or wrong. The appraisers usually ask for a copy of the listing to look at and they should measure the house to check square footage. You might be just fine.

If the appraisal comes in below what you offered the bank will not loan anymore than that as the purchase price so the seller will have to reduce the agreed price or you would have to put down more down payment to cover the difference.

Good luck
0 votes Thank Flag Link Fri Jun 1, 2012
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