Wether it is for a refinance or a salw dependant on financing, the appraiser's determination will be weighted highly.While you are correct that when financing, the appraiser hired by the financial institution will have the final say or holds more weight, an independent appraiser that you hire on your own to analyze your property is likely to be far off from the actual loan appraisal the lender orders.

A Cyclical market is subject to much wider swings in pricing.Example: I would bet dollars to donuts the rural markets and places like Topeka Kansas saw some effect from the national run up in home prices before the sub-prime but never the same wide swings that Florida and California saw.The big advantage of a linear market is much less downside price risk.The cyclical market on the other hand IF...IF you can time it right will yield nice capital appreciation but of course has higher down side risk.

I am currently working in RE finance in the city, and now that I've seen what real estate investing can do for institutions, I'm looking forward to getting involved in my first property!

I'm not an attorney, but I would say the state where the financial institution is based would have jurisdiction.

Has anyone ever encountered a institution that would secure a line of credit using a current 401k as collateral?

@Michaela Graham The underwriter is at a national mortgage centre not local {the "Big 5" banks in Canada are all national and operate similar models.

Treesa, welcome to BP Nation.

., not conventional or institutional money.

Substitution of collateral is another old approach used so that a new loan isn't required but is rare in institutional financing as it's easier to make a new loan.Anyone who has been a funding brokerage, where you have partners or investors providing loans can use this to streamline operations.

Hi @Edi Alfaro and welcome to BP Nation.