Asked by Tracey Sedinger, Greeley, CO • Wed Jan 1, 2014
My parents are attempting to buy a duplex in a suburb of Buffalo, NY. After they made an offer (which was accepted), the house was appraised for $8000 less; my parents and the seller came to an agreement so that the purchase could move ahead. However, the underwriter has just determined that the house is worth $20,000 less than the appraisal (approximately 8.5% less). Since the house is a duplex and the underwriter is interested in sales less than a year old, comparables are limited - and there are no comparables in this particular town and school district. The underwriter relies primarily on two comparable sales, one in a high-crime area (and both are in school districts that are mediocre at best). I don't know how relevant this is, but my parents are putting 20% down and have very high credit scores, with virtually no consumer or other mortgage debt. What options do they have (other than putting down the extra $20,000)? Thank you.
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