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If a house appraises at $180,000 and you want to buy it for $200,000 with $40,000 down, will the lender go forward and lend you the $160,000 for the mortgage
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January 30 2010 - Allen Park
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No.  Lender's use the appraisal as verification of collateral that the property would bring on the market for the "monies" they're loaning you.

If it appraises for only $180K, the appraisal is not going to back-it up.  It's saying the property is not worth the $200K.

There maybe ways around it, but for the most part it gets a little complicated.

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January 30 2010
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Okay...I thought as much.  thanks for your reply
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January 30 2010
Yes. If your loan is only for $160,000, then you can purchase a home that is appraised at $180,000 but you are paying $200,000. This is assuming that your approval as a borrower supports these figures.

But why would you pay $20,000 over appraisal?!
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January 31 2010
 
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