Question Details

sidsharma97, Home Buyer in Southfield, MI

I need major advice.. Please read the description below!

Asked by sidsharma97, Southfield, MI Tue Jul 23, 2013

Hi. I am buying a house for $2.6 million. Thank you three appraisals. The first one was great it came out to exactly 2.6mill. The second one was really off it came out to $1.4 million. The bank did a third appraisal and that came out to exactly $2,600,000. Because of the second appraisal the bank somehow valuing this house at $2.1 million. I don't know how this is possible!But theres no way i can come up with $500,000 cash. And the problem is the closing is in 2WEEKs. And i need the commitment letter soon. The seller is getting spectacle! i don't know what to do :(

Help the community by answering this question:

Answers

1
Hello.
Your agent should go back to the Seller and negotiate the price based on 2 low appraisals.

You can at the same time be processing a rebuttal to the appraisals. This will help make sure they were accurate and didn't miss anything.

The seller is going to want to work with you or know that you will walk away and find a house that "holds" its value.

Good luck finalizing your dream home purchase.
0 votes Thank Flag Link Wed Jul 24, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer