In a U.S. News article on Monday about the offer, a city official incorrectly said it paid 110% of appraised value.

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What happens if an item goes for less than appraised value?

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Under the Neighborhood Stabilization Program, HUD requires the lender to give buyers a 15% discount below the appraised value and the loan must be paid back in full when the homeowner sells the home or refinances.

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Since the financing is based on the lesser of (1) the purchase price or (2) the appraised value, an appraisal that results in a value at or above the contract purchase price means the deal remains intact.

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Instead, indices are based on the successful sales of the most coveted items among those collectibles, or even more dubiously, on the appraised value of the most expensive items in that market, which tells you nothing about realized investment gains at all.

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You know, already the FBI and other investigators are finding that, for example, people who appraised a certain asset were told in emails, in writing, to change the value of that asset.

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When the renovation work is finished on these donated homes, the house is appraised and Purple Heart Homes will help the veteran get a mortgage for 50% or less of its value.

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