Asked by Lastunicorn21, Huntington, NY • Sat Nov 19, 2011
If the purchase price of the house is $375 and we are putting $100 down payment, and the appraisal only comes back at 350K, what is my recourse to get my escarow money back? My attourney says its subject to getting financing, but won't the bank still approve a mortgage with such a high down payment? Than I have no way to get my escrow money back. Who wants to pay 375 for house that only appraises for 350. And who wants to lose their hard earned escarow money. I asked my lawyer to put in an appraisal contigency clause in the contract and he won't do it. He said that's not how its done, it';s subject to mortgage approval. Is this typical in NY? Is is so bad for me to want the appraisal clause in there? Would the bank offer the mortgage because the loan would only be for 275k? How do I stay protected?? thank you
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