How It is possible that home that sold for $500K have mortgage of one million dollar ?
Hi, I am real estate agent and sometimes I see homes in MLS that when they purchased for particular amount the mortgage twice bigger , please explain how it is possible. by alex.benson453 from Fort Lauderdale, Florida. May 12th 2017
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
Definitely a misprint/mistake. There is no possible trick involved in the sales transaction lending portion of a home purchase for x amount of dollars wherein the buyer does a transaction to include a loan for twice the sales price of the home.
Craig Prickett (cpmtgnow)
#159 ranked lender in Florida - 98 contributions
Huh, is this a mortgage question???
Timothy Gray (insistontim)
#192 ranked lender in California - 15 contributions
Sounds like a recording error.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Errors happen all the time.. If you go to the county recorder, it should be accurate.. but if you are looking at a resource like Zillow or Trulia, then it can absolutely be bad data.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893
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