Quote:
Originally Posted by LavrentiBeria
MODE ROGUE, are you saying that even if, say, Well Fargo pre-approves me, they can still prevent me from buying by saying that the house I want is overpriced, even if it really isnt--for example, the asking price has dropped by $150,000 over the last 6 months?
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Of course my friend. Happens every day. The banks will only lend, NOW, based on what THEY believe the value of the home is and not what your certified appraiser is valuing it at. In essence, they’re “forecasting” prices to drop even further despite the fact there are existing comparables that support the values and you have willing/qualified buyers prepared to make the deal happen. They (banks) are obviously protecting their best interests while making it wildly difficult for a standard real estate transaction & closing to take place.
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