Asked by Just.a.guy, 78746 • Wed Apr 21, 2010
We love the house and had convinced ourselves that even though it was high on a per-foot basis, that on a replacement cost basis and given some features of the property (lot, quality of finish, condition, single story, etc) that the offer price was justifiable.
Imagine our shock that the appraisal has come in below the purchase price by 9% ($65K)! Unfortunately we are putting enough money down that this will not trigger a financing contingency, and we are a few days past the end of our option period. Do I have a leg to stand on in renegotiating the price, or is my earnest money ($10K) as good as gone if the seller is obstinate and we decide to walk?
I've never been in a situation like this before, and need to understand how hard a line we can take or what our options are... it feels like we will be negotiating to lower the price 65K against a seller whose credible threat is to take our 10K and wait for another offer. Ugh!
Real Estate in Austin
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