Quote:
Originally Posted by justjim
OP, when an appraisal is 80,000 short of the asking price I would seriously question if the house is well over priced. There is an over exuberance on the part of some buyers that sellers are taking advantage as TV moves toward build out. This is an example of the over exuberance.
I would advise my friend to look for a more reasonable priced house. There are plenty of them available.
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Totally agree. I would rather find out what the house is worth before I buy, than after the closing...$80,000 is a big difference. Someone's got to put a lid on these escalating values, and perhaps appraisers are the ones to do that.
Also, totally agree with btk's previous post, after buying two new houses using outside banks and both closings went off without a hitch. Why pay a higher percentage rate for 30 years just because you fear a penalty?