Foreclosure Mortgage application

2 Replies

If I purchase a foreclosure for 270 and the appraiser says its worth 320. After i put down 20 percent for the purchase at 270 can i take out the extra equity up to 80/20 loan value. How do i go about taking out the extra money

270 ×.20 =54

270- 54=216

320×.80=260

260-216=44

what Christopher says is true to some extent, private money lenders will look at a recent appraisal especially when you have cleaned up the foreclosure and if its rented. Banks arent willing to lend based on appraisal they look at the purchase price.