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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.
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!!!
+1
@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.
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?
@Anonymous 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.