Question for home owners

[veerigadu]

I have loan preapproved for 650k. Home real value is 589k and due to bidding if it may probably come down to 625k. 
 

I’m still not sure if I will buy this house. But I have a question 
 

Now will my bank issue loan with added bidding price? Or is it on us since it’s not the reflected in apprised  value

[JAMBALHOT_RAJA]

Pre approval letter is given based on your credit score, loan amount is determined by banks based on house evaluation 

you have to pay that extra bidding amount from your pocket 

I’m not a home owner so experts correct me if I’m wrong 

[veerigadu]

1 minute ago, JAMBALHOT_RAJA said:

Pre approval letter is given based on your credit score, loan amount is determined by banks based on house evaluation 

you have to pay that extra bidding amount from your pocket 

I’m not a home owner so experts correct me if I’m wrong 

Yeah I’m under same impression. Let’s see what our db experts have to say. 

[csrcsr]

7 minutes ago, veerigadu said:

I have loan preapproved for 650k. Home real value is 589k and due to bidding if it may probably come down to 625k. 
 

I’m still not sure if I will buy this house. But I have a question 
 

Now will my bank issue loan with added bidding price? Or is it on us since it’s not the reflected in apprised  value

Bank loan will be give to appriased value bro once u order appraisal if it comes 625k no issue

Else u have to adjust amount

[veerigadu]

5 minutes ago, csrcsr said:

Bank loan will be give to appriased value bro once u order appraisal if it comes 625k no issue

Else u have to adjust amount

Thanks bro 🙏

[gudboy]

19 minutes ago, veerigadu said:

I have loan preapproved for 650k. Home real value is 589k and due to bidding if it may probably come down to 625k. 
 

I’m still not sure if I will buy this house. But I have a question 
 

Now will my bank issue loan with added bidding price? Or is it on us since it’s not the reflected in apprised  value

uncle illu enduku kontunnav? according to you its waste kada

[nijamena]

bank only pays based on appraisal value. If you pay more then it is completely on you.

 

Your agent should shield you from that and guide you if you are over paying.

[Pavanonline]

1 hour ago, veerigadu said:

I have loan preapproved for 650k. Home real value is 589k and due to bidding if it may probably come down to 625k. 
 

I’m still not sure if I will buy this house. But I have a question 
 

Now will my bank issue loan with added bidding price? Or is it on us since it’s not the reflected in apprised  value

If it’s not too much difference lender won’t mind. In my case difference was high but still lender didn’t object, not sure if credit history and income play a part.

[Pavanonline]

24 minutes ago, nijamena said:

bank only pays based on appraisal value. If you pay more then it is completely on you.

 

Your agent should shield you from that and guide you if you are over paying.

Unfortunately in current market you will end up overpaying.

[bommali]

12 hours ago, veerigadu said:

I have loan preapproved for 650k. Home real value is 589k and due to bidding if it may probably come down to 625k. 
 

I’m still not sure if I will buy this house. But I have a question 
 

Now will my bank issue loan with added bidding price? Or is it on us since it’s not the reflected in apprised  value

Tbh pre-approval is given to you with a soft credit check and it is a ballpark good enough for the seller to deem that ur contract is solid and you are a serious buyer.

Once the contract is ratified, thats when you start the loan process, first the appraisal should be 625 (in your case). Then the full loan amount is provided by the bank. Else you have to pay the difference. 

Eg if you get the home appraisal for 605, the loan will be approved for 605 and 20k comes out of your pocket.

[Thokkalee]

Preapproval letter is only for the Seller and the seller realtor to verify that your credit worthiness is good enough to buy their home… 

Banks don’t consider your preapproval letter.. they will check your credit report and do a fresh credit check… 

In the current market, take at least 200K over the home price you are targeting.. I didn’t see a single person who bought a home within the budget they set when they started their house hunt… it is at least 100-200K over their initial budget.. 

[phoenix_nebula]

Banks only pay the appraisals value period.

[shenkar]

17 hours ago, veerigadu said:

I have loan preapproved for 650k. Home real value is 589k and due to bidding if it may probably come down to 625k. 
 

I’m still not sure if I will buy this house. But I have a question 
 

Now will my bank issue loan with added bidding price? Or is it on us since it’s not the reflected in apprised  value

You can take 650k

use 25k for furniture or backup funds

[Dabbakai]

16 hours ago, gudboy said:

uncle illu enduku kontunnav? according to you its waste kada

as an investment vayya, appraise aite better ee kada. 

 

[JackSeal]

17 hours ago, veerigadu said:

I have loan preapproved for 650k. Home real value is 589k and due to bidding if it may probably come down to 625k. 
 

I’m still not sure if I will buy this house. But I have a question 
 

Now will my bank issue loan with added bidding price? Or is it on us since it’s not the reflected in apprised  value

edhi kuda thelakunda all these you advised prospective home buyers not to buy and analysed market dynamics aa saami