topic Re: low appraisal :( in Mortgage Loans

low appraisal :(

Sd1234 — Wed, 01 Aug 2012 02:18:31 GMT

So after a long 5 months waiting for short sale approval I finally got the written approvals from both liens. Had my home inspection this Sunday as well as my appraisal. Received the appraisal Monday and it appraised for 165000 , that's 5k less then our offer of 170k. I am hoping the sellers come down on thelist price if not I don't know whats going to happen. My realtor had me sign a new purchase agreement ans I guess we are waiting to hear back. I didn't receive any updates today. Will this drag it even longer? Has this happened to anyone? Help!

Re: low appraisal :(

Jazzzy — Wed, 01 Aug 2012 02:42:25 GMT

If this is a short sale, then it is the lender that will be deciding what they will accept. I can't believe they'd want to start over for an additional $5,000. My guess is that they close the deal at the appraised price. If you have two or more lenders, however, then it gets a bit more tricky. More people have to agree.

Re: low appraisal :(

hippychic823 — Fri, 03 Aug 2012 07:03:32 GMT

Hopefully the selling bank will just sell at the appraised price. I feel your pain cause I had 3 low appraisals on 3 different houses (but my appraisals were waaaay low. Like 30K inder purchase price low) and none of the sellers would lower their prices so I had to walk away from all 3 houses. But, I did finally find a house and I close on Monday :) Hang in there!!! Apparently, low appraisals are fairly common right now but hopefully your seller will just come down 5K and everything will be fine.

Re: low appraisal :(

Sd1234 — Fri, 03 Aug 2012 13:30:44 GMT

Thanks! The bank agreed to lower the price! Everything is ready to go, locked in rate at 3.75% LO said we might close Mon or Tuesday. Soooo exciting after all the drama of picking a short sale!! My realtor even called and told me to turn on utilities!!! :)

Re: low appraisal :(

JusdoNit — Fri, 03 Aug 2012 16:29:56 GMT

hippychic823 wrote:
Hopefully the selling bank will just sell at the appraised price. I feel your pain cause I had 3 low appraisals on 3 different houses (but my appraisals were waaaay low. Like 30K inder purchase price low) and none of the sellers would lower their prices so I had to walk away from all 3 houses. But, I did finally find a house and I close on Monday :) Hang in there!!! Apparently, low appraisals are fairly common right now but hopefully your seller will just come down 5K and everything will be fine.

Re: low appraisal :(

webhopper — Sat, 04 Aug 2012 16:36:45 GMT

Congrats!

Re: low appraisal :(

jbworrell — Tue, 13 Nov 2012 16:54:02 GMT

Im going throuhg this same exact thing right now! heartbreaking. We appraised 8,000 below accpeted offer. For the type of loan we have Chase will need to accept a offer of 89,100 whcih has been submitted. We submitted this offer Oct 27th and still have heard nothing How long did it take you to hear back that they accepeted the lower ammount? Who was the sellers bank?

Re: low appraisal :(

llecs — Tue, 13 Nov 2012 17:05:58 GMT

jbworrell wrote:
Im going throuhg this same exact thing right now! heartbreaking. We appraised 8,000 below accpeted offer. For the type of loan we have Chase will need to accept a offer of 89,100 whcih has been submitted. We submitted this offer Oct 27th and still have heard nothing How long did it take you to hear back that they accepeted the lower ammount? Who was the sellers bank?

Welcome! OP hasn't been on in over a month, though sometimes a thread bump like this might bring them around. FYI.