Aqua Gemini…, Both Buyer and Seller in Kokomo, IN

We made an offer on a home and it was accepted. we found that the house was appraised at a much lower amount, are we stuck with what we offered?

Asked by Aqua Gemini Ii, Kokomo, IN Sun Apr 25, 2010

Are we stuck with our original offer?

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Don Tepper, Agent, Burke, VA
Sun Apr 25, 2010
Depends.

Was there a financing contingency in your offer? (I hope there was.) If the lower appraisal makes financing impossible at the terms you put in your contract, then you should be protected by the financing contingency. Check with your Realtor on the details. But take a look to see whether there was a financing contingency.

Less common--but possible--was an actual contingency based on the appraised value of the home. If you had that in your contract, you certainly should be protected.

Again, your Realtor can best help you.
2 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Apr 25, 2010
What is your agent advising--are you in contract and was the appraisal done on your behalf or was it just heresay--If the appraisal was done on your behalf you can try renegotiating with seller--if it was just something you heard--you need to be aware of recently sold similar properties in the immediate area--review the data and then make your determination--again your agent can best advise you.
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