Compare Mortgage Quotes

Guest

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??

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

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

gmakerley · Posted: Thu Sep 03, 2009 9:02 am Post subject:

it's true. you should have been asked to sign an Amendatory Clause as part of your real estate contract.

gmakerley · Posted: Thu Sep 03, 2009 9:03 am Post subject:

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.

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1