If the house I am trying to buy is selling for 129K but appraises for more can i take more $ for touch ups?
Sorry couldnt explain it properly, not enough characters in the question block. Ok here’sthe deal, the house is selling for 129K .If the qualify for more Can i take more money out say if the house appraises for 170K? The money would be for little things i would like to do around the house or even to use it basically as a consolidation to my car and stuff.
Tags: consolidation, money
November 8th, 2009 at 5:15 am
A very wise man once told me to never over-extend myself, make dang sure that if you borrow more that you can afford your monthly payment AND… with that extra money, MAKE SURE YOU ARE PAYING OFF THINGS THAT WILL BECOME AS ASSET – like paying your car off (it is an asset), paying off a boat (it is an asset), paying off a motorcycle (an asset)… do not take out loans to pay credit cards! GOLDEN RULE: Do no pay off debt with more debt, ever.
November 8th, 2009 at 5:15 am
Good luck to you if you find a bank to give you that money. Appraisers are tea leaf readers, they don’t know a thing and the banks know that.
November 8th, 2009 at 5:15 am
Yes, if you qualify for more than the house was appraised for you could use it for what you want to do to the house. One thing though…..are they repairs that would not pass an inspection on the home sale?? If that would be the case, the seller is the one you need to have fix the issues before signing the closing paperwork. If it’s added stuff, talk to your mortgage lender and they can tell you if you do in fact qualify.
Good Luck!!