Asked by Bill, 60622 • Mon Jun 16, 2008
I entered into contract to purchase a codo, however the appraisal came back about 3.5% less the contract price. My realtor and attorney are going to take the appraisal to the seller and try to negotiate a lower price, however I do not expect to make much ground. I was planning on putting 20% down, however the bankâ€™s loan to value would be based on the appraisal amount and I would have to bring the entire 3.5% difference to the table or pay PMI. I fill I have the upper hand with the seller, in that another unit in the building next door has been seating on the market. I have already paid 5% earnest money to the sellerâ€™s attorney. Can I walk away without any financial penalties and get by 5% back?
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