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I’m looking for some clarification on counter-offers. It is my understanding that a counter-offer occurs any time a Bank offers an applicant something different from what the they originally requested. We had a question come up if we offered a higher loan amount than what was requested, if that is still a counter offer.
For example, if a client asks for $100,000 which is 90% of the estimated value of the home, and when the appraisal comes in higher than we expected, we offer $125,000 (for LTV reasons) (90% of the new value). The client wants the $125,000. Is that still a counter offer?
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