Home Buying in 95135>Question Details

Maria Cranmer, Home Buyer in Port Saint Lucie, FL

We offered 84,000 on a home listed for 85,900. This was through Bank Of America. Realtor received a bank approval letter for 84,000. We went ahead wit

Asked by Maria Cranmer, Port Saint Lucie, FL Thu May 5, 2011

We went ahead with appraisals.Our lender came back with 80,000 because home was listed as CBS on tax rolls but in reality was a frame house. Bof A appraisal was done...they now want 87,000...can they do this after they originally accepted 84,000 with bank approval letter?

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Phil Rotondo’s answer
Maria;
Whether BofA can or cannot is moot. The biggest is that your lender will only finance up to $80k. So, unless the appraisal is contested and/or corrected, you may have to move to another home.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu May 5, 2011
I would doubt your lender will allow the loan for more than the appraisal amount unless you make up the difference in cash. I am unclear if the bank is the owner or if it is a short sale. Has the bank signed an offer to purchase or just sent a letter stating the amount they want? If they have not signed anything, they can change the price they want. More details would help.
0 votes Thank Flag Link Thu May 5, 2011
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