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lscalder
1111 Posts |
 Posted - 07/25/2008 : 7:08:01 PM
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I have a buyer who ratified a contract for $250,000 putting down 6% which makes the Loan amount $235,000. The appraisal came back at $232,000 lower then sales price. The buyer want to bring the difference to the table. They want to leave the sales price at $250,000
What I Am trying to figure out is will the bank wan tthe buyer to bring the differnce of sales price and Appraisal or who the Bank let the seller bring the difference between Loan amount and appraisal.
I am dealing with the death of my father. I have done loan like this but for some reason my mind is going blank. |
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liverichly
3936 Posts |
Posted - 07/25/2008 : 7:15:02 PM
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| The bank will require the buyer to bring in the difference, the seller cannot directly pay any of the buyers down payment... the loan amount can't be higher than $225,040 (97% of $232k, or whatever the applicable max LTV is in the high cost/low cost state). The buyer would have to bring in $24,960 + any closing costs/pre-paids that they are responsible for. |
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jvanpetten
2536 Posts |
Posted - 07/26/2008 : 06:02:44 AM
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| If the seller is willing to "bring in the difference", why don't they just lower the sales price to an agreed amount. The lender will go off the sales price or appraised value "whichever is less". |
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kmikkola
798 Posts |
Posted - 07/26/2008 : 06:36:29 AM
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My prayers go out to you and your family on the death of your father.
liverichly has the answer for you
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