Posted by river city on May 06, 2007 at 10:10:35:
You can sell the property for whatever amount you want. If your purchaser is getting a loan, the lender would base the loan amount on the lesser of the appraised value or the purchase price. If you are selling the home for more than the appraised value, the purchaser would have to come up with more money down (the difference between the appraised value and the purchase price) which will lower your number of possible purchasers. Hopefully, most purchasers are smart enough not to purchase a property for more than it is worth.
Lease Option Sales question?? - Posted by Aaron
Posted by Aaron on May 03, 2007 at 22:22:46:
Ok I have a property that I wanted to sell at lets say $189,000…Now I have all contracts done and the property appraised only at $185,000. Now my question is this can I legally sell the property at $189,000? Now here is the brake down Sale price $189,000 - $4,000 Option consideration new purchase price would be $185,000 - $1,000(new stove and tube) I would make a quick 4k up front and a little in the back end.Is this going to come back and bite me in the butt? Any help would be great. Thanks
Re: Lease Option Sales question?? - Posted by Colin Bochicchio
Posted by Colin Bochicchio on May 08, 2007 at 23:29:37:
This is a marginal deal at best and as the owner I would look to hold it for long term growth and appreciation and if doing a L/O push out the option date so you can raise you strike price and option monies.
Mr river city is right on since the price is what the buyer and seller negotiate or agree on and that whatever you wish.
If I can help further feel free to email me at coltrust07@gmail.com