What if my home does not appraise for the agreed selling price but i am also paying cloing cost?

Staylor1228 · Joined: 13 Sep 2009 Posts: 1 1.00 Dollars($)

The price is 172500 and I am paying 3500 in closing cost and allowences. What is the magic number I need my house to appraise for?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1735 35.94 Dollars($)

You house need to atleast apprise for the sellign price for the buyer to eb able to get the loan

adonis · Posted: Sun Sep 13, 2009 7:50 pm Post subject:

Hi Staylor,

It's true that the property's selling price and appraised value should be same. Otherwise it would not be profitable to buy the property. If the appraised value of the property is less than the selling price, then you should negotiate with the seller to reduce the price of the property.

gmakerley · Posted: Mon Sep 14, 2009 7:16 am Post subject:

well, actually in this case, since you're the seller, STaylor, the buyer will likely come back to you to renegotiate in the event the appraised value is less than the agreed-upon price. your deal, as it stands, seems to be $172500, less the $3500 in costs, giving you a net of $169000. you're hoping for an appraised value of at least $172500.

i hope that's the way you understand this contract you've entered into.

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