I purchased a house for 230k and it appraised for 130k, do I have any options?

Asked by Kjbj21, Shreveport, LA Sat May 25, 2013

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Josh Barnett, Agent, Chandler, OK
Sat May 25, 2013
Have you closed on the home? What is the time difference in purchase and appraisal?
Web Reference:  http://www.GetSoldOKC.com
0 votes
, ,
Sat May 25, 2013
Are you saying that you have a contract to purchase a house for $230K and it only appraised for $130K? If a property is that poorly priced, then you must have been working without the services of a buyers rep who would have run the comps, and told you it was wildly overpriced for the current market. Depending on the terms of the contract, your earnest money might be at risk. Not to mention that you probably spent money on an inspection and appraisal. This is why we always recommend working with a professional.

We can't render any legal opinion here. However, if you don't have your own realtor, you need the advice of a real estate attorney. Also, what is your loan officer telling you?

Good luck, you'll need it.
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
0 votes
Gordon Parker, Agent, Highland, IN
Sat May 25, 2013
Kjbj21

You have may options. What are you trying to do or thing about doing?

Respectfully,

Gordon Parker
0 votes
Ron Thomas, Agent, Fresno, CA
Sat May 25, 2013
Maybe:
What is your Mortgage per month compared to what it would cost you to rent a place?
If it is close, then you should ignore the other number and just live there.

The amount it would cost you to pursue another avenue will probably exceed your imagination.
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