Quote:
Originally Posted by rusnak
Well, I can't see a cash buyer paying more than appraised value, so I guess my statement still holds up. The house has to appraise at least at the asking price. Otherwise, a buyer will have to come up with additional equity over the minimum to make LTV numbers work.
And a cash buyer will just cram down the price, otherwise there is no point in using cash.
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I don't understand where this "appraised value" comes from if there isn't a loan involved for MOST purchases (at least around here)
? In fact, in the past couple of years, I suspect that most sales (cash) in that price range are done that way. I'm a novice compared to many, but I've only had one "appraisal" (loan involved) many years ago...for the rest: "cash is king"....maybe it's different in other parts of the country? I dunno....