Home Buying in Point Breeze>Question Details

Darren Banks, Home Buyer in 19146

I was trying to be a home on xx69 S.24th st. The price I was set to pay was a $130k. The appraisal came back at $117k. What can I do?

Asked by Darren Banks, 19146 Mon Oct 19, 2009

Should I order another appraisal? Negotiate with the seller or start from scratch?

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Answers

3
Amina L.’s answer
@ Michael Cohen : you wrote: " If the appraisal is FHA, then the buyer must agree to the price that it was appraised for or wait 6 months "

Why is this?

I am selling in Mt Airy and am considering an FHA offer myself but was surprised to see that the house must appraise at selling price.
0 votes Thank Flag Link Sat Jun 18, 2011
If the appraisal is FHA, then the buyer must agree to the price that it was appraised for or wait 6 months
if it is conventional you can request a second appraisal. good luck with this one Michael Cohen
0 votes Thank Flag Link Mon Oct 19, 2009
Negioate with the seller. The seller must realize that the home was overpriced. They will not be able to sell the house to someone who wants to mortgage it without lowering the price and to have a cash buyer overpay in todays market is not going to happen.

I would discuss it with your agent if you have one and renegioate the deal down.


Sean Dawes
0 votes Thank Flag Link Mon Oct 19, 2009
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