Profile picture for iluvlg

I was purchasing a home at 204 Oakbank, Rd. Bakersfield, Calif. 93304.price 180k, appraisal 155K

This was a FHA loan my credit is at 780. Why is this property listed at 165k or better.
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May 24 2009 - US
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Answers (3)

Take your Appr. report down to the Seller and renegoitate the price. After you settle,take the new price down to your Lender and have them modify your new loan ,rate,payments and such. And, please do not forget to have the home Inspected,it's to protect you...
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June 03 2009
Profile picture for ibchula
I don't know why it's listed as 165k or better...but it was purchased for $167,500 with a convential loan, 10% down (FICO 808) and the seller paid closing costs. It was a GREAT deal for the house and area...ask me, I know....because we bought it!
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June 03 2009
Profile picture for sunnyview
The owner of the house obviously thought that it was worth more whrn they listed it. You might be able to take the appraisal back to them and get it for that appraisal price. No lender will lend more on a house than the appraisal unless the buyer is making up the difference in cash so the seller might be wise to sell for the appraisal price if they can.
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May 25 2009
 
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