I am not talking the scams you see where banks are defrauded...
There are a lot of condos being dumped for 25-40% below their last legit bank appraisal. A lot of these will appraise for more than the sale price (Seller either can't meet ARM increasing mortgage or thinks the downfall will continue.)
Anyways, if I buy a place recently appraised at $500,000 for $325,000, can I mortgage it at once and get cash back or am i better off just putting 20% down, mortgaging it and then refinancing to get cash out?
Thanks in advance...
Sean
There are a lot of condos being dumped for 25-40% below their last legit bank appraisal. A lot of these will appraise for more than the sale price (Seller either can't meet ARM increasing mortgage or thinks the downfall will continue.)
Anyways, if I buy a place recently appraised at $500,000 for $325,000, can I mortgage it at once and get cash back or am i better off just putting 20% down, mortgaging it and then refinancing to get cash out?
Thanks in advance...
Sean