Just bought a home for 1.425 that appraised for 1.675 million. It needs about 120K worth of work to make it quite nice. Is the 130K (approx 10%) enough buffer in case the market corrects over the next few months ?? #mortgage #housing #sanfrancisco
no
Depends on location. If it’s in a rapidly declining 💩 hole like SF, then probably not.
Who cares? Your broker fee alone will be 100k. You’re not selling so it doesn’t matter
Why do you care about appraisal value as long as it is higher than the loan amount needed? Are you saying you want the loan for 1.675 to use 125k extra for renovations? I am not sure if mortgage loans work like that?
High value markets are not doing well now, and will continue to suffer most with these high interest rates.
We are already at the lowest price because rates are at the highest.
Are you looking to flip and sell the home in few months?
No. Make sure you have at least $150k saved