[quote=SD Realtor]Agreed 100% with you FLU. Cash buyers are not needed just because the home doesn’t appraise.
Every case is unique and to make blanket statements without understanding or seeing the actual home and comparing it comps in the area is ridiculous.[/quote]
I never said that cash buyers were needed, only that if the house was in an area that attracted either cash buyers or buyers who would be willing to put down more than 20%, then it would be more difficult to negotiate than if the house/neighborhood were in an area where these buyers weren’t very common.
Again, please correct me if I’m wrong, but the point was that the buyer would have to make up the difference between the appraised price and the list price, and this would be in addition to the 20% (assuming conforming mortgage) that they are putting down.. It’s unlikely that the lender would increase the amount that they’re willing to lend.
