Asked by Lissadl, San Pedro, CA • Mon Apr 20, 2009
House I had a purchase agreement for ended up appraising at $35k (6%) less than the purchase price. Loan officer even submitted a rebuttal letter with other comps for lender to review. Review came back the same as initial appraisal. Seller won't budge. I am furious with our agent (he is also the seller's agent and it appears did not tell us the truth about A LOT of things) and am thinking about filing a complaint against him. But I also want to warn other potential buyers about this house. The initial asking price was $628K, they lowered it to $599K, and accepted our offer of $575K but appraisal comes up at $540k. I don't want another buyer to go through all of the BS that I went through only to find out this house is only worth $540k and seller won't budge. Please advise.
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