Posted by E.Eka on October 20, 2003 at 15:34:24:
the Realtor is an idiot. If he/she knows that the appraisal is less than the asking price, how could he/she expect you to still want to buy the house? In essence, you’ll end up with the same problem if you buy that house. Tell the bank to type you a letter stating what they said or at least show the amount that they will loan you. Every bank/mortgage lender must provide that. There is no need to pay any money. Tell them to type you a letter.
Return of deposit - Posted by Chuck
Posted by Chuck on October 20, 2003 at 09:25:52:
I live in Florida, and made an offer on a house subject to 95% financing. Appraisal was much lower than sales price, and lenders will only loan on the lower of the two as I understand it. Realtor does not want to refund my deposit unless they have a fax from a bank, I had a mortgage broker
looking for the loan, and I did not fill out formal paperwork for a bank which is going to cost me another few hundred dollars. What to do?, and is that required ?
Re: Return of deposit - Posted by jasonrei
Posted by jasonrei on October 22, 2003 at 11:07:54:
As a seller I would require confirmation, too. A copy of the low appraisal would satisfy me. See if they’ll take that.