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I have placed a bid on a triplex for $325,000. The area is going through re gentrification. I expect the
property values will increase over the next 5 years. I will live an one property & rent the other two.Expected mortgage $2000. The rents would net $1600/$1700. We have given a $5000 deposit on the advice of our realtor. The FHA inspection will probably appriase the property lower than $300,000. After apprisal, can I renegiotate to a lower selling price or if the seller refuses, step out of the deal & just take a $5000 hit now instead of using my life savings to keep the property afloat?
Fri Oct 19 2007, 19:39 - University City - Home Buying - 4 answers
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If you are applying for an FHA loan and have that specified in the mortgage contingency of the Agreement of Sale then unless the property appraises at the contract sale price or better you will have the option to renegotiate the price or just walk away. Under the terms of the mortgage contingency of a standard PAR Agreement of Sale for Residential Real Estate you would be entitled to the return of all deposit money. That being said, it will still require both buyer and seller signatures on the release in order for deposit money to be returned so you may have to negotiate a bit with the seller on that if you do not buy the property.
Fri Oct 26 2007, 06:47 Web Reference: http://www.DonnaAndCarolynThePowerOfTWO.com
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If it doesn't appraise, you have options. However, your escrow shouldn't be at jeopardy exercising any of them.
Sat Oct 20 2007, 05:15 Web Reference: http://PhillyandBeyond.com
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Your appraisal contingency should take care of this possibility. By all means, re-negotiate if the home does not appraise for what you offered. Good luck! It's a great time to buy!
Fri Oct 19 2007, 22:02 Web Reference: http://www.cindihagley.com
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Yes on the renogotiation...in your offer you should have had a clause that the property had to appraise for at least the offered price.
If the seller objects to the appraisal, let him/her know that the next person will probably have the same issue...try to get some actual sales on comps from your Realtor. Fri Oct 19 2007, 20:30 Web Reference: http://www.iansellsnola.com
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