Sale Prices Versus Appraised Values
August 31st, 2008 By Peter G. Miller
Question: If the appraised value and the sale price of a home are different, which will lenders use when granting a mortgage?
Answer: Whichever is lower.
Lenders want as little risk as possible, so they will look at both the sale price and the appraised value and then make a loan based on the lower of the two numbers.
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