The house I have under contract was listed at $89,900, but I offered $96,040 because there were several other offers and I really wanted the house. The seller accepted my offer and will be covering $2885.00 of closing costs (3%).
I'm a little bit confused in my scenario in regards to appraisal (which I have not completed yet, but will next week). If the appraisal comes back at, let's say $93,000, do I have to ask the seller to drop the price to $93,000 (plus he still pays the 3% closing)? Or.... how does that work?
What if it's appraised under his asking price?
You will have to come up with more dough, if there were other offers I doubt they would drop the price. I wouldnt.
the negotiations start over.
expect them to ask you to cover as much of the difference as you expect from them.....
and they might just say $93k and NO CLOSING COSTS