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House Didn't Appraise |
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I recenty put an offer on a house of $229,000.00 with the seller giving back $5000.00 for closing costs. The offer was accepted. However, when I had an appraisal done on the property, it only appraised at $210,000.00. My bank will not finance me at $229,000.00 because it is not worth that much. What should I do? |
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If your contract says it's contingent upon, or subject to, your receiving a mortgage for a certain amount, and you can't, then the contract is probably dead. You'd need to consult your own lawyer to make sure about that. But if it is void, you and the seller are back to square one and in that situation, some more negotiation is in order. Otherwise the deal is off.
Sometimes, in a situation like that, the seller comes down in price, or you offer to make up the difference in cash, or -- more commonly -- some compromise is arrived at.
On the other hand, if your contract was not subject to your getting that loan, then you're probably still bound by it and will have to find the additional money as best you can. Again, you may need an opinion from your lawyer, especially if you and the seller can't work anything out. |
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Edith
Originally published on April 11, 2008 |
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