CRSPALLY, Home Buyer in Lake Worth, FL


Asked by CRSPALLY, Lake Worth, FL Mon Oct 1, 2012

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Many buyers assume that they can buy a home or apartment for the amount of the mortgage owed. However, that is not guideline banks or sellers use. The appraised market value is the guideline. The value of home homes/ apartments may be considerably below or above the mortgage owed. If the seller qualifies for a Short Sale, a bank is usually willing to accept an offer to purchase below the mortgage amount. If the market value is above the mortgage owed, whether to sell is totally up to the seller. Of course, the seller will have to pay off the loan if the sale price exceeds the mortgage amount.

It may be interesting to know the amount of the mortgage owed though. Your Realtor can usually obtain that information or at least the amount of the original loan.

Good luck with your property search.
0 votes Thank Flag Link Fri Oct 5, 2012
Hi Crspally,

That's a good question! You should work directly with an agent who can help you learn more about that specific property (and probably will know a lot about similar properties in the area). To find an agent, just click on the yellow button on the property's listing and you will be able to start a dialogue.

Please let me know if you have any questions or if I can help with anything else. I am happy to be a resource for you. Good luck with the search!

Ali, Trulia Voices Community Manager
0 votes Thank Flag Link Thu Oct 4, 2012
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