Question!
If I short-sale a house that is 100k payoff for lets say 50k and the appraisal comes in at 200k. Can I take out a loan for 200k and pocket 150k? Is that legal?
New Investor
Appraisals and sales price are 2 different things. If you get the property for $50K and then get it appraised and it is $200K, you could refinance later and pull out the equity.
If you are talking about a mortgage, they aren’t going to lend you more than the purchase price.