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Is it possible to obtain a home equity loan or a HELOC shortly after purchasing a home? Would a lender look at the appraisal as the home's worth or look at the sale price? I only ask because we are purchasing a REO and there is a large discrepancy between the appraisal and the sale price...

http://money.cnn.com/2008/03/04/real_estate/markets_less_overvalued/index.htm?postversion=2008030413 http://i.l.cnn.net/money/2008/03/04/real_estate/markets_less_overvalued/housing_chart2.03.jpg OMG, look at all the red in California!!! "The biggest gains in affordability occurred...