An appraisal from 2010 has no value today and can't be used, it's too old. It certainly sounds like the sellers have their home overpriced and the current appraisal reflects that.
Why isn't your real estate agent helping you with these questions?
As listed below the only options you have are:
-Walk away from the purchase, a lender will not loan that amount.
- You pay the difference - it will have to be cash because the lender will not loan that amount
-Your agent negotiates with the sellers and they drop the sales price to the appraised price
- You and the seller negotiate and meet halfway-seller drops and you pay cash for your half
Again this should be coming from your real estate agent.
Hope it helps,
Ebby Halliday Realtors
Mobile Site: m.sherryrenfroe.com
you bring more money to the closing
seller drops price
you both meet in the middle somewhere and you bring money to the closing
You have to sit down with seller discuss with the help of your agent ( if you have any ), either seller has to come down in price or in other case you have to pay the difference from you pocket.
If you are not in so much so in love with this property, my suggestion to you is to you is cancel this contract if seller don't cooperate with you, find another home in this area or different subdivision that fits to your family needs and budget. Bank will give you loan on which ever is the lowest, sale price or appraised value minus the down payment.
And it is true...you won't be the last or only buyer for an attractive home. As Micheal reported, if this home is actually NOT FOR SALE, you should expect to pay MORE!
If you really want the house, you need to engage real skills of a negotiator.
Your agent will have assessed the seller's real motivation and from that can allow you to construct other terms and conditions that will have value to the owner. Price, although important, is not the only value found in a prucahse agreement.
Don't make the mistake of thinking the seller will negotate with a party who is not part of the transaction. The seller will negotiate with you.
Regroup with your consutant.
Create your win/win strategy. (that IS what you want, right?)
Present a new offer.
Seal the deal
Find a different house.
You have many options. You, must be willing to adapt to them and allow the pros to do what pros do....create solutions that solve the many obstacles that lie between the successful sale and purchase of real estate. We do it dozens of times every year.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
I'm terribly sorry that you are going through this. I did look up the information based on the details you gave us. Are you being represented by a buyer's agent or is the listing agent acting as intermediary? Have you asked your agent what your options are? Yes, you can dispute the appraisal. Your lender would have to dispute this but it is an option. Your other options that other agents have mention is to pay the whole difference or go half of the difference with the seller or you can terminate the contract. I would recommend discussing your options with both your agent and your lender.
I hope this information from me and the other agents and loan officers have helped. Please keep us posted.
Make it a Great Day!
Tamika A. Goree
Broker | Owner
The DFW Property Shop
1. pay the amount out of pocket for the difference
2. split the difference with the sellers
3. terminate the contract and find another home to buy
Please know that any amounts that you pay out of pocket above the appraised value has to be paid by you at closing and it cannot be financed/mortgaged. Please know that you will still have to qualify for the current mortgage you are getting even after spending that money out of pocket (sometimes it changes your qualification).
Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
Susie Kay, RealtorÂ®
GRI, CHMS, SFR
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
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I have looked for the home you are attempting to purchase. I do not see it listed in our MLS. I think you are attempting to purchase directly from a seller. If this is the case be careful. I believe the comment about paying the difference is correct if you just have to have this home. Working with a Realtor who knows the area is more valuable than most people think. There are several of us here Niel, choose one and hire them.
Best advise that I can give you!
Your lender will not approve a loan if it does not appraise for value. So either it is resolved OR move onto search for another property.
My website is updated daily therefore saves you time search accurate information
Contact my office today where I can show you many amazing homes work with your family specifications.
Lynn911 Dallas Realtor & Consultant
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Any difference between your ultimate agreed price and the appraised value will need to be bridged by cash from you. You can also walk away, and you should be able to get your earnest money back per paragraph 4 of the contract; talk to your agent about that.