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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 Reply


Larry Gray (lgray_312_247)
#594 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.

May 12th 2017
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Craig Prickett (cpmtgnow)
#159 ranked lender in Florida - 97 contributions

Huh, is this a mortgage question???

May 12th 2017
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Timothy Gray (insistontim)
#187 ranked lender in California - 13 contributions

Sounds like a recording error.

May 12th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 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

May 12th 2017
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