Victor,

We are sorry for your delema.....the banks are tied to the appraisal numbers making it difficult to negotiate. Lynn's comment questioning the validity of purchasing a property that based on the current information is NOT worth the money you are asking the bank to make a mortgage for.

This sinerio is quite similar to playing poker......"You've got to know when to hold'em and know when to fold'em."

Good luck

Walk away,

You or anyone else wont be able to get a loan on this property. Rule of thumb if your lender wont lend the money why purchase a home over valued.

Sorry to hear about this where is your buyers agent assisting you.

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer

Hi Victor -- Sorry you're having trouble. Does your agent think the appraisal was too low also? I have had a similar situation where my buyer's appraisal came in too low and their bank would not send out another appraiser, nor would the seller lower their price because they felt it was the buyer's appraiser that was wrong. My buyer ended up finding another house. (And in this case, the home ultimately sold for higher than the appraiser said it would, so the seller was correct). It's kind of a catch 22, though, in your case.

All you can do is cancel your contract (actually, I would think since it didn't appraise, it's already dead). If the bank is wrong, this property will stay on the market for awhile until they come to their senses. You and your agent can watch it to see if they lower the price and at that point you can make another offer.

I usually tell my buyers not to get too emotionally involved with a property so that you don't make a poor decision. This is a big commitment so you want to do your best to get it right. There are lots of properties on the market nowadays, maybe looking around a bit more would be the safest bet.

Hope it works out for you. Keep a cool head and let the agents try to work it out with the bank and the appraiser. Good luck.

Louise Warring
Coldwell Banker Residential Real Estate
407-924-9399