Asked by Caesura, Bristow, VA • Mon May 18, 2009
We just got the FHA appraisal results back on a house we are trying to buy. It's a short sale, and the bank accepted our offer...everything was good to go until the appraisal came back $16,000 less than the purchase price. Of course, we can only get a loan for the appraised value now. This short sale has a 1st and 2nd trust, making it more difficult. In your experience, what are the chances they'll agree to sell it at what it appraised at? I know it would be stupid for them to not do that, because no one else is going to come along and offer them more than market value right now, but I also know that banks are fickle and often don't act in a way we would consider rational! Anyone have any insight? My realtor and I are just waiting to hear back, so I'm trying to gather some info in the mean time. I'm hoping that the purchase price will be lowered to match what it appraised at so we can move forward with this, but I am bracing myself for the worst if they don't come down at all.
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