Home Buying in Fort Wayne>Question Details

Doug, Home Buyer in Fort Wayne, IN

I put an offer on a house. If they accecpt the offer then i have it appraised and it comes out alot less can

Asked by Doug, Fort Wayne, IN Fri Mar 14, 2008

Can I back out of the deal just on the basis that the appraisal comes in below the price i am paying for the house?

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2
Adam Ross’ answer
Depends on the contract but most banks will not loan money for a home that does not appraise for the value of the offered purchase price. If the offer is a cash purchase it could be a diferent story.
0 votes Thank Flag Link Sat Mar 15, 2008
Yes, as long as your purchase agreement included an appraisal contingency. An appraisal contingency states that in order for you to obtain a mortgage the house must appraise for at least the amount stated on the contract. You can make up the difference if you want, but are not obligated to under this contingent arrangement.
Web Reference: http://www.wnyhomevoice.com
0 votes Thank Flag Link Fri Mar 14, 2008
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