Under contract and appraisal came back 25000 under contract price.

Asked by Aisha, Detroit, MI Tue Apr 17, 2012

Under contract for Fannie Mae home, one week before closing and appraisal came back 25000 under contract. I believe this is the second time this has happen with this house in the last couple of months. Do I have a chance of them lowering the price?

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Pam Bava, Agent, Rochester, MI
Tue Apr 17, 2012
This does happen, I just had it happen twice and we did re-negotiate and closed. You and your Realtor certainly can try to re-negotiate. I'm sure you have the comps in the community before you placed the offer. It can depend on how bad the seller wants to sell also. His agent must have had a conversaton with him also. Hang in there and give it a try if you really want the home.

Good luck
1 vote
Garett Hyman, Mortgage Broker Or Lender, Birmingham, MI
Fri Feb 8, 2013
In most cases they will lower the price to the appraised value. Good luck!
0 votes
Michele Wils…, Agent, Lake Forest, IL
Thu Feb 7, 2013
How was this situation resolved? Did you buy?
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Wed Apr 18, 2012

Good Morning!! I just experienced this issue with Fannie Mae and they did lower the price to the appraised value. So I would recommend trying to renegotiate if you really want the home it could definitely be worth it.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes
Vera Gonzalez, Agent, Sterling Heights, MI
Tue Apr 17, 2012
I agree with Pam . You have a good chance. Try ! If you don't you will always wonder.

Good luck
0 votes
Edyta Gryc, Agent, Naperville, IL
Tue Apr 17, 2012
You should definately try to further negotiate. At the same time, please read the clause about financing contingency-what happens in the event appraisal comes below the contract pricev (if specified in a contract).
Good luck!
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Tue Apr 17, 2012
Yes, you have a good chance of it. If it has happened a couple times it will improve your chances. Hang in there and see if they agree to the lower price. You will need to make a lower offer, I think on paper - they love paper work.
0 votes
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