Appraisal came back lower than purchase price, what should we do?
We purchased a house that had been listed at $149,900 and had started at $170,000. We purchased the house for $132,500 with $7000 in sellers concessions. We just got the appraisal back and the house was only appraised for $120,000. What should we do??
You have 3 options:
1.The seller will have to bring down the purchase price.
2.You will have to come up with the short fall
3.You can't purchase the property and you get a letter from your mortgage professional saying you are not approved for the loan
You have 3 options:
1.The seller will have to bring down the purchase price.
2.You will have to come up with the short fall
3.You can't purchase the property and you get a letter from your mortgage professional saying you are not approved for the loan
Didn’t find what you were looking for? Ask a question!
More Q&A about Home Buying in Buffalo
View all »
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity