What Are the Consequences of a Low Appraisal When Buying In NYC?
Nick at Hauseit (https://www.hauseit.com) reveals what happens if you receive a low appraisal when buying a home in NYC. Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/
.
.
If your appraisal comes in low, your lender will still provide you with the loan. However, they will only issue it typically in the amount of the existing loan to value times the appraised value.
If you are going to finance 80% of $1 million and the appraisal comes in at $950k, the lender will only give you a loan in the amount of 80% x $950k. This creates a shortfall in terms of the money you'll need to close.
Under a traditional mortgage contingency, a low appraisal will give you a potential out to cancel the deal and recover your deposit. If you want to stay in the deal, you may be able to renegotiate the purchase price with the seller. Alternatively, you could just apply with two lenders. That gives you two appraisals and therefore two chances to have an appraisal come in at the contract price.
.
.
Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. Learn how it works: https://www.hauseit.com/how-it-works/
Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
_
#hauseit #nycmortgagelending #lowappraisal #mortgagecontingency #fundingshortfall #buyingnycrealestate #nychomebuyertips #homelending #hauseitbuyerclosingcredit #hauseitnyc #appraisalcontingency
-
1:21:33
The Quartering
11 hours agoBiden's Desperate Interview, Disney ROASTED By Gina Carano, Ballot Boxes RETURN The Fix Is In!
98.9K69 -
1:45:53
Robert Gouveia
13 hours agoTrump Offers to SAVE Biden! Donors THREATEN Campaign; BRUTAL Report DESTROYS Joe
93.8K115 -
1:21:11
Russell Brand
14 hours ago‘THE US IS FALLING APART’ - EXCLUSIVE Colonel Douglas MacGregor Interview (and UK Elections) - 401
288K442 -
51:33
Ben Shapiro
12 hours agoEp. 1998 - Is TONIGHT The Night Biden Drops Out?
145K86 -
19:25
Neil
12 hours agoAs Everyone's Distracted With The NEW UK GOVERNMENT... (A LOT's About To Change...)
93.7K19 -
1:02:14
Geeks + Gamers
14 hours agoGina Carano DESTROYS Mark Ruffalo And Disney Double Standard, Japan Is FURIOUS Over Assassin's Creed
101K24 -
1:13:29
Steve-O's Wild Ride! Podcast
3 days ago $0.18 earnedPenguinZ0 Has No Respect For Dr. Disrespect! - Wild Ride #222
98.4K9 -
2:00:57
LFA TV
18 hours agoMERRY INDEPENDENCE! | LIVE FROM AMERICA 7.5.24 11am EST
120K55 -
2:07:02
TENET Media
1 day agoWhat Is A Conservative Woman? | The Culture War with Tim Pool w/Lilly Gaddis & Rachel Wilson
83.3K70 -
46:55
Peter Santenello
14 hours agoWhat’s Happening at the Border? 🇺🇸🇲🇽
68K56