What if my appraisal comes in less than the purchase price on my contract? Renegotiate?

Asked by Cheryl, 32034 Mon Oct 13, 2008

I am about to buy a home in Brunswick, GA and it is being appraised by my the lender. Should the seller/builder be willing to negotiate from the orginal purchase price at this point? We are putting a substantial amount down so it won't effect our mortgage with the lender if the appraisal comes in lower than our purchase price on the contract. Or at least I don't think it will. Any advise would be appreciated.

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Peter Banyan, Agent, Medford, NJ
Mon Oct 13, 2008
Depends how much lower the appraisal might be. If substantial, renegotiate price or bargain for extras.
Web Reference:  http://www.peterbanyan.com
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