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Asked by Susie, Austin, TX Fri Apr 5, 2013

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Answers

6
Walter 'Skip'…, Agent, Brea, CA
Fri Apr 5, 2013
Hi Susie, there are 3 options. 1. The seller can lower the price. 2. The buyer can pay the difference. 3. The escrow can be cancelled.
Good luck,
1 vote
carlos parra…, Other Pro, Monrovia, CA
Fri Apr 5, 2013
Not much more to say, they have said it all below.
0 votes
Robert Chome…, , San Diego, CA
Fri Apr 5, 2013
You either have the seller reduce the price, put more down on your loan (as the lender will only lender based on the appraised value), or walk away.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Fri Apr 5, 2013
Appraisals are coming in more on the conservative side these days.

If the appraisal is less than the sales price you offered, you have the following options:

1. lower your sales offer price to be in accord with the appraisal
2. cancel the transaction as you should have an appraisal contingency
3. pay cash to make up the difference in appraised value and sales price
(I never advise clients to do this
0 votes
Xochilt Ortiz, , Los Angeles, CA
Fri Apr 5, 2013
It's an opportunity to buy at a lower price and with proof at hand the property is overpiced.
0 votes
Jane Peters, Agent, Los Angeles, CA
Fri Apr 5, 2013
Skip has covered your three options in a nutshell. You can also request a second appraisal if you feel the appraisal is incorrect.
Web Reference:  http://www.homejane.com
0 votes
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