Home Buying in 32258>Question Details

Lmudzinski, Home Buyer in Hasbrouck Heights, NJ

Our FHA appraisal came in $25k lower than the agreed price. What are our options and how likely will we close?

Asked by Lmudzinski, Hasbrouck Heights, NJ Fri Mar 8, 2013

Help the community by answering this question:


there are options that nobody has told you about.

Contact me and I'll tell you the rest of your options.

0 votes Thank Flag Link Sat Mar 9, 2013
All 3 options expressed below, or both buyer and seller agree to meet halfway. Or you get seller to accept a promisory note for the $25K, if the FHA lender allows you (due to changes in your ratios).
0 votes Thank Flag Link Fri Mar 8, 2013
Good Evening,

Contact your realtor for exact details. You will have to cover the $25K or the seller or the deal does not close.

Blaine Rabe
Deltona Realty
0 votes Thank Flag Link Fri Mar 8, 2013
The seller must be informed that the house did not appraise via your agent or attorney. Either (1) the seller must come down to the appraised value, (2) you pay 25K out of pocket expense for the home as the overage is not mortgageable or (4) the contract is terminated. You, and all parties involved including the agents, would have/should have signed an FHA Amendatory clause basically stating that if the house does not appraise neither party is forced to either sell or buy. How likely will be close will depend on the option acted on. Good luck.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
0 votes Thank Flag Link Fri Mar 8, 2013
In a changing market such as the one we are presently in, it is imparative that prices are an accurate reflection of the current market activity. Where is your agent in this scenario? They should be presenting you with options.....

0 votes Thank Flag Link Fri Mar 8, 2013
Agent is in the middle and working on making this deal happen Sellers agent is upset but our attorney and agent think it's low. We're a little discouraged and just need some additional insight to our situation. We're first time buyers and a little overwhelmed with the whole process. Haven't slept well in 4 weeks....
Flag Fri Mar 8, 2013
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