Short back story:
We bought a home for $500,000 and went under contract. Mortgage company sent an appraiser out to the property who subsequently said the house was worth $500,000. Before closing, we hit a snag on one of the other terms related to the sale which resulted in the sellers reducing the sale price to $480,000. We are putting down 10% but what I’d like to know is: can we now hold that appraisal out to the mortgage company and ask them to count the $20,000 difference as our equity?
It seems they value the house at $500k so when we put down 10% of $480k, the mortgage company still believes the property is worth $500k and thus that should be part of our equity. This would obviously help us get rid of PMI faster.
Anyone ever deal with this?