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We’re buying a house that appraised for exactly twice the amount that it will sell for. However, no bank or mortgage company to this point will give us a dime over the sell price. My wife and I are trying to get through school and don’t want to spend 5% on a downpayment. How can we get a few thousand over the sell price to cover closing costs and down payments in order to avoid out of pocket costs? Thanks.

5 Thoughts on How can I get more money out of a mortgage than what the selling price is?
  1. Reply
    mike4400
    March 18, 2012 at 7:13 am

    Have the seller increase the price and then take back a second with a forgive clause

  2. Reply
    financialpeas
    March 18, 2012 at 7:15 am

    Raise the seller’s price by the closing cost amount and have the seller pay all closing costs.

  3. Reply
    Mr Knowall .C. All
    March 18, 2012 at 8:11 am

    Try- Buy the property and within minutes attempt to change your mind after finding genuine fault with the deal… and attempt to recind the contract of purchase- unless ???? The selling price is reduced…

    A deal that falls through is a bad deal..it may take weeks before the house is resold- How much is such few weeks worth in bank interests, if such money was in the bank 2 weeks earlier.. than later..?

    If you have a real fault in the matter offer and or contract, then. you are not acting dishonestly- in that; Every such said home buyer has the right to try and attempt to lower the said purchase price to its lowest possible limits-so long as is it’s done legally-

    Yes legally.. The law both works ways- You have the right to seek the lowest possible price so long as the offer and or contract were indeed provided “incorrectly” or ” in a correct manner-” In otherwords the vendor or agent must also work within the laws as well-

    An agent making a mistake in representing it’s disclosed principal is a serious matter- It’s the principal of agency that has to bear the mistakes of its agent(s)-

    And Guess what..! I have yet to see a contract that cannot be broken ..find the flaw, use the law and make it work within your favour, legally-

    Easy really-!

  4. Reply
    Real Estate Guy
    March 18, 2012 at 8:21 am

    what do you mean by appraised? Who did this apprasal? This is the key to the value.

    And tell us how you got a home for 50% off. This is also the key.

    Something is missing here?

  5. Reply
    Landlord
    March 18, 2012 at 9:04 am

    You are correct, no banks are giving loans in excess of 100% of cost.

    You can refi after you buy it, but you have to buy it first.

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