Even With A Mortgage Approved, $ Down, A Contract & Motivated Parties-- What Could Go Wrong? Appraisal... Homes For Sale: Homes For Rent

Imagine you have a pre-approved mortgage for the buyer, a 20% down payment, contract and two parties that want to get the deal done at the set upon price-- what could possibly go wrong?

Well, the appraisal may not come back as hoped. Generally, lenders will finance only 80% of the appraised value. If the agreed upon price is $220,000 and the home appraises for $200,000, then we might have a problem.

The buyer would have to come up with another $20,000 more cash in the above example, the sellers would have to reduce the asking price by $20,000, or there would need to be some combination.

If the sellers stick to their price and the buyers cannot supply extra cash or refuse to come up with the extra money, the deal could die.

A lesson leared for both buyers and sellers.

My buyers and sellers know the market and are versed on the home. We know if the home is priced too high, the appraisal may not allow the deal to happen.

I only target those homes that make sense-- I leave the others to stagnate on the market. Either they will become realistic and come back to me or they will most likely be left on the market. Mis-priced homes and unrealistic expectations does not allow either party to acheive their respective goals.

For more information, please feel free to contact me. For free home searches and market data, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty