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Helpppp!! Appraisal came back low!

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Valued Contributor

Re: Helpppp!! Appraisal came back low!


@Patience_is-key wrote:
What’s happens if they do not respond to new offer or if they say no?? Is there a time limit on us coming to a agreement?

Well if they say no you have to decide if you're going to try & come up with the 3K you need or you're going to walk away & find another home.

The time limit question is something your agent should be able to answer but I think you can ask for a response in X amount of time when you send over the offer.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 11 of 18
Established Contributor

Re: Helpppp!! Appraisal came back low!


@VALoanMaster wrote:

Do you know if the appraisal requires any repairs?

One thing to remember here. The seller is not likely to want to relist the home & wait for another offer to come in & then wait for another 30 days +/- for the new buyer's loan to close.

It's not worth $3,000. Don't let the seller play on your emotions.

 

Here are a couple of solutions.

1) Asking the agents to kick in $1,500 each to make up the $3,000.00.

2) Can you get a gift from a family member for the 3K?

3) Do you have a 401k or other retirement account that you could pull the 3K from?

If none of these options are viable for you then your only option is to reduce the sales price to $190,000 with the seller paying your closing costs.

 


Time is $ and it's a game of chicken so don't flinch

 

whatever inspections uncovered are the same things anyone else would want fixed.   

 

 

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 12 of 18
Valued Member

Re: Helpppp!! Appraisal came back low!

Update.

Sellers have just agreed to the appraisal price and 3 percent closing concessions!!!!!! Yessssss thanks guys
Message 13 of 18
Valued Member

Re: Helpppp!! Appraisal came back low!

Now I continue to wait in underwriting Hell
Message 14 of 18
Valued Contributor

Re: Helpppp!! Appraisal came back low!

Congratulations!
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 15 of 18
Frequent Contributor

Re: Helpppp!! Appraisal came back low!

I love happy endings! I am almost in the same situation, well exact situation because i have a feeling our appraisal will come back LOWER/ Please send a prayer up for me because i know you know how stressful this may be. Hope to GOD my situation plays out like yours. At the end of the day as they mentioned there are more houses out there. If its for you GOD wont let anything stand in the way. Congrats hunny!

Message 16 of 18
Valued Member

Re: Helpppp!! Appraisal came back low!

Thank you. Prayers definitely going up for you!!! Who would have thought that buying a home would be the most stressful moment of your life. You got this!! And you are very right. God always has the last say so
Message 17 of 18
Contributor

Re: Helpppp!! Appraisal came back low!

Yay!!!!
Message 18 of 18
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