Appraised value question

[Keith Jourdan]

I often see homes advertised "50k appraised at 65k". Just an example. So does that mean one can buy the house for 50k then take more equity out of the property then 50k he used to buy it?? im confused here.

[Jim Gordon]

There is a short sale that I showed a client on Monday. Current list price 209,900 move in condition, upgraded. They have an appraisal over 325,000 because that is what the loan was drawn for last year. Watch out for anything but a current value appraisal with so many refinancing there have been many cooked appraisals.