Skip to main content

Appraised 20% higher than purchase price.

Hi All! Looking for some suggestions...

I'm under contract for my first home and close in a couple days. I received a copy of the appraisal on the home and found out that it appraised for 20% higher than my purchase price. Which is great.

Purchase price: $299k Appraisal: $360k

So what do I do now? We clearly won't tell the seller but what can I do with this extra "equity" from day 1?

Here are some thoughts I have but feel free to add your own or tell my why my ideas are bad/good/impossible/etc.

1) Use equity toward an investment property 2) Use equity to upgrade home 3) Refinance to ditch PMI (isn't this based on the lower of the purchase price or appraisal)? Paying $200/mo for PMI. 4) Invest into stocks 5) nothing? Anything else?

Any ideas would be great!!!

submitted by /u/gaberooni54
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/j1r1yb/appraised_20_higher_than_purchase_price/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

How to get started?

Hi! I’m 23F and I just graduated college with an english degree (😅) but i’ve been working in nonprofits since I was 16 and lucked into an amazing first job with an one of the biggest and best real estate non-profits! I love my job so far, but it’s my first time being surrounded by such wealth (and very hard working, deserving individuals.) To be quite honest, I‘ve had a rough few years juggling multiple jobs to finish school, and the idea of myself not living paycheck to paycheck seems light years away. This is all being said, I guess I’m posing the question towards the group of what I can do now to start building that kind of future for myself. I find real estate very interesting, and i’ve loved learning about all the machinations behind development- I’m just not sure where to begin within the industry (investment/rentals are definitely not an option for me yet). I’m also looking to go back to school, but being that I don’t know where to start, I wouldn’t like to begin classes aga...
Post a Comment
Read more