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What if......appraisal.....

New Contributor

What if......appraisal.....


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?

Message 1 of 3
Valued Contributor

Re: What if......appraisal.....

You will have to come up with more dough, if there were other offers I doubt they would drop the price. I wouldnt.

Message 2 of 3
Super Contributor

Re: What if......appraisal.....

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


Retired Lender
Message 3 of 3