1. If the appraisal came in at a reasonable lower amount not exceeding 10% of your offer, the Asset Manager will consider re-negotiation.
2. The Asset Manager will take into consideration your market's condition and inventory as well as the number of days the property has been in the market. If conditions are reported appreciating and the asset is reported as "no resale issues", chances are, they will place the property back in the market.
3. If your offer was the highest among a multiple offer situation and offers were made on the property better than the value conclude by the property appraiser, chances are Asset Manager will ask the Listing Agent to contact those potential purchasers and find out if they remain interested on the property.
If your morgage loan is conventional and you used a financing contingency and a appraisal contingency the loan process stops until buyer and seller work out the appraisal value $$ shortage.
RE/MAX Realty Group
You should talk to your Realtor about this. Does your contract have an appraisal and loan contingency in it? (I'm assuming you're not paying all cash). If you do have an appraisal and loan contingency and you have NOT removed them, you can attempt to re-negotiate with the bank/seller. Have your Realtor do an addendum to lower the price and have them submit the complete appraisal with the addendum. If the bank/seller does not agree to lower the price, and you do not want to (or can't) pay the difference in cash, and your appraisal and loan contingency are still in effect, you can cancel contract.
If the offer was based on comparables, condition, etc. - I would be interested in why the appraisal came in so low.
If you have not already been approved by a lender, I would be happy to run numbers for you to let you know how much you can qualify for.
Feel free to call, write or text if you have any questions!
The first step in the home buying process is to get pre-approved for your mortgage. You can start this by going to my online link. Click here and enter your information so I can run numbers for you: https://6760686183.secure-loancenter.com/WebApp/Start.aspx?& .
After you hit SUBMIT, I will be able to access your information through our secure website and will run figures for you right away.
This does not obligate you to use Fairway Independent Mortgage Corporation, although we do appreciate the opportunity to work with you.
I am looking forward to working with you and helping you get the keys to your new home!
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
Cell 202 573-6035
Over 25 years of Real Estate and Mortgage experience
focused on educating my clients so you can make an informed decision that best suits your needs!
MLO# 194172 FIMC NMLS# 2289