Appraised value vs Market value (condo)
Looking for some additional opinions and viewpoints.
I'm in a situation where the lender appraised value of a property i'm interested in came in about 5% less than the accepted offer price. So all else being equal I would need to come up with that extra cash to make up the difference in what the bank is willing to finance.
Are these situations common? If I were to come up with the extra cash, isn't that "fake equity?" Its not even contributing to the principle.
This purchase is more value\short term oriented than it is emotionally. Stuff like this is lowering my comfort level.
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