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Home Buying in 11793 : Real Estate Advice

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Fri Mar 21, 2014
Evan Mogelefsky answered:
That depends what agreement you had with your attorney and should have been discussed beforehand although nobody plans on backing out of a contract.
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Sun Aug 11, 2013
Javier Meneses answered:
Absolutely! The property will be appraised the same regardless of having a gift of equity or not. Gift of equity is great in that it'll offset any or all money you'd need for downpayment and closing costs, depending on how much equity is available. You do not necessarily need 20% of the equity based on the contract price, as long as the loan amount is 80% of the appraised value, you'll be able to waive the need for mortgage insurance. The contract sales price is not going ot necessarily be the same as the appraised value, as appraisals is done after the sales contract is executed.

What I would do is speak to our appraisal management company and have them get a ballpark figure from their appraisers in rotation so that I can give all parties involved a good idea of what the true value is. This way the deal gets structured the right way from the very start. If you need a reliable Loan Officer, I am always available to meet face-to-face in our Woodbury office. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
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