David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. not a real estate agent,
Question??? email or call +1-7024997037
If I can be of further help please call me sincerely al walsh 708-710-4275
As Mike points out, if you have been pre-approved for the mortgage loan there is a Loan to Value (LTV) provision. Unless you are going FHA the cap on purchase money loans today is likely to be 90% but the program you have been approved for may be even lower.
Please let me know if I can be of some help in reviewing your situation.
this takes us back to the issue of whether or not the contract has a clause controlling that issue. we never heard back from Lisa as to this.
1. If such a clause is an "initialed" clause then both parties need to do so to have it be a contract term. if that clause is not initialed by both parties you may have a faulty contract. The seller can claim that there is no appraisal contingency...to which you will reply (through your lawyer) that they should have Countered if they were opposed to that term and not let you proceed in detrimental reliance and at great expense to yourself. such a situation we can refer to as the lawyers full employment scenario.
2. if it's a boiler plate term that gets "checked" by the offeror, AND if you checked it, AND the page upon which it is checked is initialed by the parties it is binding. The seller has bound himself to that term...asuming that the contract is otherwise properly executed.
3. it's just a plain old boilerplate term...no check boxes, no spots for initials... that all sales under this contract are appraisal contingent. in which case the seller is out of luck and will be awaiting the word from you as to whether you will be buying or cancelling per the contract.
can you fill us in on how your contract treats the appraisal contingency?