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egeg
Guest
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 Posted: Thu Sep 03, 2009 7:21 am Post subject: selling my home |
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I am in the process of selling my home, the buyer signed the agreement for 300,000. However now that they have done their appraisal and are doing a FHA loan we are told that we can no longer sell the house for the 300,000 since the FHA appraisal came back at 285,000. How true is this??
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 Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Thu Sep 03, 2009 8:27 am Post subject: |
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Egeg,
Welcoem tot eh forum
Thats is possible especially when the prices of the houses are goign down and also banks are really cautious and the apprisars are also.
They probably singed agrrment based on yoru askign price, btu utilmately what bank decides will be the final
Good luck and feel free to ask |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7433
Location: bloomfield, ct
67.00 Dollars($)
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| Posted: Thu Sep 03, 2009 9:02 am Post subject: |
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it's true. you should have been asked to sign an Amendatory Clause as part of your real estate contract.
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George M. Akerley
Loan Consultant
860-221-5044 |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7433
Location: bloomfield, ct
67.00 Dollars($)
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| Posted: Thu Sep 03, 2009 9:03 am Post subject: |
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sorry...i should have elaborated a little bit. that amendatory clause would have spelled out the value issue for you. if the home appraises for less than the purchase price agreed upon, that clause gives the buyer the right to come back and renegotiate.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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