sale of home/low appraisal - Posted by Karen

Posted by The Frisco Kid on May 06, 2006 at 20:11:11:

It’s worth what a buyer will pay, if you can get them to overlook the appraisal then do it, appraising in not an exact science and they were willing to pay more before. So tell them your disappointed in the appraisals (any comps lately?) but you feel your price was fair but in order to complete the transaction and get them into this really fine home they will love living, in your willing to split the difference.

sale of home/low appraisal - Posted by Karen

Posted by Karen on May 04, 2006 at 19:36:33:

I have a contract on my home for an amount that both I and the buyer aggreed upon. The bank appraisal came back 14,000.00 less than what we aggreed to on the sale price. I had a second opinion appraisal done that came back at 10,000.00 less than the aggreed upon price. Is the buyer pound by the contract to purchase this house?

Re: sale of home/low appraisal - Posted by dutch

Posted by dutch on May 05, 2006 at 08:22:19:

Not normally, no. It would cost you the 10K to sue them for specific performance even if it was. Not worth it. Lower the price and move on, or keep the property. NO LENDER will lend on that property at the price you have sold it at. Only option is to find a buyer that will pay the difference in cash or you lower the price to the appraised value.

just my opinion, not legal advise.

Dutch
OKHomesavers

Re: sale of home/low appraisal - Posted by Karen

Posted by Karen on May 05, 2006 at 08:45:32:

Would I be a greedy B"""" if I would to offer to split the difference, They have a more than 30% to put down. And the house is on a state park system which means that it will always be maintained to preserve the nature around it.