Asked by SNH, Tewksbury, MA • Wed Oct 17, 2012
I just signed the P&S and waiting for the appraisal. I know the property must appraise equal to or higher than the selling price in order to secure the mortgage loan but what happens if the appraised value falls short by $1-$5k? What are the chances of the seller lowering the price? This property was purchased by an investor five months ago and flipped it so I know he will profit in a big way. With winter around the corner coming to a close, I'm thinking the seller will meet the appraised price because I don't think the seller will want to take it off the market and wait till spring.
Real Estate in Lowell
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