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Updated almost 6 years ago on . Most recent reply

DJ Witty's profile image
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DJ Witty
  • Rental Property Investor
  • from Muskogee, OK
  • Member since Jan 21, 2019
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DJ Witty's profile image
DJ Witty's profile image
DJ Witty
  • Rental Property Investor
  • from Muskogee, OK
  • Member since Jan 21, 2019
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DJ Witty
  • Rental Property Investor
  • Muskogee, OK
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2nd rental and appraisal came back 10k higher...mortgage ?

DJ Witty
  • Rental Property Investor
  • Muskogee, OK
Posted

Appraisal is at 97k. Bought it for 87k so we’ve got 10k in equity. Bank still wants 15% cash at closing from purchase price, so around 14k.

Is that normal? I figured that with 10k in equity we wouldn’t have to bring that much money. Only a few thousand bucks to get to 15% equity.

Thoughts and input is appreciated!

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