Posted by JamesL on February 07, 2002 at 18:21:30:
I noticed something you should look at. Why are you willing to pay $130,000 for a house that only appraises at $133,000?
If it appraises at $165,000 it would be a great deal easier to work out financing.
cost of house - 130,000
- closing costs 2,000
- mortgage fees 3,000 (high)
- Pocket cash 5,250
With no cash, it would be alot easier for you to buy a house with a much greater value, and lower asking price. In the example above, you could do the deal with nothing down, on a 85% ltv loan, and keep $5000 tax-free for yourself.
If it’s that particular house that you must have, relax. At such a high price, there probably arent 10 other buyers waiting to move in on your deal. If there are, you should get another appraiser to re-assess the value.
Remember…there will always be other houses. ok?