Asked by Daniel Carr, Durham, NC • Sat Apr 6, 2013
We bit on a forclosed home and won, we then had to find a new loan company as the loan needed to be modified to a FHA 203k.
The house was previously assessed in 2012 at 69. We bid around ~20 grand lower and won. Now we are at the point where the appraiser came up with the estimate and gave it to the underwriter. The appraiser put the house lower than expected, and since the home needs 10k in repairs we are stuck with around 8k difference that we will have to come up with.
We did find a few issues with the appraisal, would it possibly be enough to request a second appraisal or would we be working against ourselves with asking for a new one (if a second appraiser came in at a lower value for whatever reason).
Also since we put in a bid and won, would we be able to go back to the bank and negotiate?
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