Quote:
Originally Posted by Baron Von Zeppelin
I guess these people are paying cash for these overboard buys ?
Didn't banks used to base what they would loan towards a house by its appraised value and/or tax value ?
How does that work when you pay $300,000 more than it is listed / appraised for ?
Are the banks just rolling over and feeding these overboard deals ?
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If the bank will loan you 75% of a $500,000 value and the appraisal comes in at $450,000, they will only loan you 75% of $450,000 - so you need to come up with the extra $50,000 to complete the sale.
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1965 Pontiac LeMans. M21, 3.73 in a 12 bolt, Kauffman 461.