Asked by Sy Nguyễn, Chicago, IL • Sat Feb 12, 2011
The appraisal came in lower than the purchase price, and of course, our contract has mortgage and appraisal/purchase contingencies, and the seller waived their right to provide lending. When the appraisal came in, our lender immediately contacted us, and we immediately contacted the seller. The only information we've received is that they intended on giving our side more comparative data to get the place more accurately appraised, but our lender's appraiser has yet to receive any information. Just using Trulia myself, I was able to come up with many listings in the area (sold and for sale) that could be used as comps, aside from those used in the appraisal.
Is it typical for the seller to hope that we terminate the contract (per our contingencies) rather than renegotiate with us? I'd rather know that they are inflexible and tell us up front how they feel about the situation rather than no response. Is this a common tactic in the industry when the appraisal comes in less?
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