Posted on: 11th Sep, 2009 01:06 pm
Consider this situation:
I signed a contract buying a property for 170k.
The appraisal was done after 2 months and appraised for 120k.
The bank does not approve the amount... What happen to my contract?
The seller will must low the property price in order to sell me?
I signed a contract buying a property for 170k.
The appraisal was done after 2 months and appraised for 120k.
The bank does not approve the amount... What happen to my contract?
The seller will must low the property price in order to sell me?
In situations like these, you cna go back to the seller and ask if he or she is willing to lower the price to meet the apprisal numbers. if they do nto agree then you cna cancel the contract
One of my frinds had the same situation and the seller lowered the price based on new apprisal. But the differerence in the apprisal was not as much as yours
One of my frinds had the same situation and the seller lowered the price based on new apprisal. But the differerence in the apprisal was not as much as yours
Make sure that the appraiser gave you a good appraisal. With AMCs taking half of the appraiser fees, many bad appraisers are appraising. There's a good chance that the appraiser just used some convenient REO sales as comps.