I'm afraid I can't help you. It's even possible that being a FSBO transaction your appraisal will be given additional review.
Assuming your contract used Form 22A, here is an article on how the low appraisal provisions of the Financing Contingency work from the buyer's perpective. http://seattlebubble.com/blog/2015/11/18/statewide-form-22a-financing-contingency-the-buyers-perspective/... more
You really have to get pre approved to be able to know your loan amount limits and this way you have all your required paper work ready to go...this will give you and your loan officer a very good idea if and what you qualify for....that being said, a preapproval is not a loan commitment, things can still go wrong. It's a checks and balance type of thing, a loan officer will always try to get you approved but an underwriters job is to try to find ways to DISQUALIFIY you and that process usually comes after you have been preapproved... more
Our property is paid for, construction loan appraisal comes in at 220k, home is built and the finished appraisal comes in at 170k. arbitrated only to come back at 170k. Lender will only lend 90% of appraised value. If builder refused to lower price of home and property owner does not have enough cash for
difference, what are our rights?... more