1st Time Homebuyers
Wifey and I are in escrow for a house. I've been reading articles and doing some research about real estate in general. Here's my question:
Our lender uses their own approved appraisers and they valued our soon to be home at $55k over the asking price. Logically to me that would mean we instantly gained $55k in equity. Is this the case?
Also just to let you know how fortunate you guys are in other states, a 4 bdrm/2ba 1,600 sqft goes for around $500k in 91001. Our home was a flip, but it's turn key and pretty damn nice!
Any experienced advice would be much appreciated for us 1st time home buyers!
Last edited by Uber V8; 08-26-2014 at 01:30 PM..
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