What happens if you want to purchase a home for more than the appraised value. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that you can do so by increasing the amount of your down payment. The bank will only lend a certain dollar amount based on the appraised value (depending on your loan program), but you can make up the difference. You can also try to renegotiate the sales price if the home appraises less than the appraised value. I would consult your Realtor on whether or not the comparable homes sold in the area support the appraisal. Check out below to see what sold in Brookstone Village in August 2015:
16793 Abby Circle, Northville: 4 bedrooms, 3.1 bathrooms, 3,428 sq. feet, 2 car garage, Sold Price: $490,000
Brookstone Village Home Sold
August 2015
The appraised value and taxable value are not the same for a home. You might be eligible for a refinance loan at more than 100% if your current loan is government insured. Speak to a knowledgeable mortgage broker or loan officer. For more information on Brookstone Village or similar Northville or Novi neighborhoods such as Arcadia Ridge, Timber Ridge and Willowbrook Farm, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.