APPRAISALS
The lender will require an appraiser to provide an estimate of the value of the property, if the house does not appraise for the purchase price then the loan will be denied or reduced to an amount consistent with the appraised price.
There are many types of appraisals, for example a house may appraise for a higher amount when the loan is for a refinance than it would when the loan is for an outright purchase.
Jim Forsyth. College Realty Inc. GMAC Real Estate. 14767 Bear Valley Road, Hesperia, CA, 92345
Jim Forsyth. College Realty Inc. GMAC Real Estate. 14767 Bear Valley Road, Hesperia, CA, 92345