Location: Illinois
Submitted 07/18/11 03:13 PM

Q. If a house we want to purchase is appraised at $209,000 and the seller is asking $179,000 (short sale situation), can we expect to get a mortgage for slightly over the actual selling price if the seller accepts our offer of $169,000? Is it possible to get a mortgage for the asking price and have money returned to us after the sale goes through? The extra money would be used for remodeling the home. If my example is not legal or possible, is there another way to do this, perhaps after we purchase the house (home equity loan, etc)? Thank you in advance for your advice.

 

Answer #1
Submitted 05/25/12 11:31 AM
Steve Bihun (Reaty Executives Premiere): Agent in Wheaton, IL Steve Bihun (Reaty Executives Premiere)
Agent
Wheaton, IL

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A.

Got be very careful with list versud sales price. It is up to the appraiser that is doin work with the lender to determine its present market value. Appraiser have been killing deals a lot lately. Sounds like you should be okay.

Answer #2
Submitted 05/27/12 08:02 AM
Lyn Sims - Schaumburg Homes (Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban): Agent in Schaumburg, IL Lyn Sims - Schaumburg Homes (Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban)
Agent
Schaumburg, IL

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A.

Investigate a 203K FHA rehab loan possibly. There is no way that any money will be given to anyone, buyer or seller at a short sale closing.

Who appraised the property? If it's the sellers agent, who cares, means nothing. YOUR lender is the one that appraises the house & matters to you.  That's the number that they will lend on & that's it - pretty much set in stone. 
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