BUT, what is the FMV (Full Market Value) of the home? What are the buyers willing to pay for this home?
Did you know that the average of $188,500 & $201,500 is really $195,00 and not $200k? Appraisals are fine for verifying funds needed, but you still need to find out what the buyers are willing to pay. If they are only willing to pay $180k, and you subtract any excise tax/fees/advertising; what have you left?
You have the appraisals, now go find out how much it will actually sell for with the buyers in the market.
Posted by Anthony on February 10, 2002 at 22:12:33:
My grandparents are moving into a smaller house and plan to sell current house and want $175k, get this, they told me if i sold it for them they would give me whatevers left over. I get 2 appraisals done and one is for $188,500, other is for $201,500 so i average it at $200,000. thats $25,000 left over !!! If this deal goes through im going to buy courses to show my gratitude !!! I cant thank you enough !!!