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what happens if my buyers' FHA appraisal does not appraise out to the purchase price they are borrowing?

Sat Jul 26 2008, 11:45 - All locations - Home Selling - 1 answer

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Bob McClure- Mo…
Bob McClure- Mo…
Real Estate Pro
48336
Sat Jul 26 2008, 11:50
FIRST ANSWER

good afternoon....one of the docs the borrowers signed when they applied for the mortgage was an amendatory clause......it is sometimes a seperate document or part of the fha p.a. addendum....it states that the buyers (at their discretion) can go back and re-negotiate with the sellers, or back out of the deal and have their emd returned.hope that helps.bob mcclure- mortgage now- farmington, michigan....

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