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Sale Prices Versus Appraised Value
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.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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