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Home Selling in Ventura : Real Estate Advice

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Activity 2
Mon Jul 19, 2010
Todd McGregor answered:
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Wed Oct 28, 2009
Krisili Ward answered:
Great question. Banks base their financial guidelines off the lower of the Appraised Value or Contract Price.

In the case where someone wants to pay $350k for a home that appraises for only $300k, the financing is based off $300k and the buyer then brings in the additional $50k. As an example, 20% down payment is $60k, financing is $240k, and the total cash to close (excluding closing costs and prepaids) is $60k + $50k = $110k. ... more
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