Selling a home for more than the appraisal

Get Legal Help Today

 Secured with SHA-256 Encryption

Selling a home for more than the appraisal

I sold a home for 140000 and the appraisal was 130000 and now the realtor told
me that I cannot sell the home for any more than the 140000 unless the buyer is
a cash sale. Is this a law in the state of FLorida??

Asked on May 30, 2018 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

The problem is not the law prohibits selling for over the appraisal, but that banks and lenders will not--and to a large degree, given the regulations governing mortgages, cannot--participate in a sale for more than the appraised value: i.e. you generally can't get a loan when the sale price exceeds the appraisal. That's why you can do a cash sale--i.e. you can sell the home for whatever you and the buyer want so long as a commercial mortgage, banks' underwriting rules, and the various regulations and laws pertaining to mortgages are not involved.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption