Home Buying in 19151>Question Details

Patricia, Home Buyer in 19151

I've been in the process of buying this duplex in 19151 area since December. The appraisal came in 30K lower than contract price(170K). We

Asked by Patricia, 19151 Mon Mar 1, 2010

disputed the appraisal and got nowhere despite it being very obvious that the appraiser made mistakes. It has been proposed that we do a carry back mortgage with seller for the difference no interest. Should I take it or suggest another figure other than the 30K?

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If the seller doesn't want to lower their sales price I would cancel the sales contract and move on. In this market there really isn't any shortages of homes to purchase. Regretably appraisal comps are being impacted by distressed property sales in the area, which the appraiser does have to account for. Also, from a financing perspective even if you agreed to use a seller second the combined loan amount couldn't exceed 95% LTV so I would wonder on the thought process of including the seller second.
0 votes Thank Flag Link Mon Mar 1, 2010
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