Lorna Presswood, Realtor

I've seen this happen quite a bit, and it has to do with the appraisal. That's a huge issue right now here in Texas regarding our Appraisal reform. A lot of times what we refer to as "comps" support the list price and the purchase price..but then the appraiser comes in with a value that doesn't fit. It can throw off the entire sale. I've personally had to deal with this problem by switching lenders with my buyers just to get an accurate appraisal done. If you're past option period, you should try to extend the close date for enough time to put another lender in place if the seller side is agreeable. This is one reason everyone should have Realtor representation. A buyer doesnt pay anything to have their own "buyer's agent". All commission is paid by the seller..so it's free to the buyer. If I can help in anyway, let me know. I'll be glad to answer any more questions just email me. Good luck! ~ Lorna - Sat Sep 12 2009, 15:46