Home Buying in 48126>Question Details

Sandyp, Home Buyer in 48126

VA appraised 62K lower. Now bank wants to terminate negotiations. What are my options to keep bank in negotiations with and sell house to me?

Asked by Sandyp, 48126 Sun Aug 12, 2012

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2
Didn't you have your Realtor do a CMA before you put together your offer?
You shouldn't have wasted your time.
It also sounds like you shouldn't have fallen in love too early.

Move on, you'll fall again. This is someone else's problem.

Good luck and may God bless
0 votes Thank Flag Link Mon Aug 13, 2012
Hi Sandyp,

I don't think there really is anything you can do outside of disputing the appraised value. The bank knows you're not going to make up that $62,000 difference with a down a payment and you can't finance the house for more than what it appraises for so the bank's only option is to reduce the price and they apparently think it's worth more than your appraisal. You can not "make" the bank sell the home for less just because the appraisal came in low.

If you and your agent think the home is worth more you can provide additional comparable sales and dispute the appraised value.

Depending on how the appraisal was ordered, you can try the VA SAR or staff appraisal reviewer.

The only other option I can think of is to change lenders and have another appraisal ordered.
0 votes Thank Flag Link Mon Aug 13, 2012
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