Low Appraisal Problems

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Appraisal

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Hi everyone’s

So we’ve put our offer in on our house it was acceptable everything was going good and then we got the appraisal. It was $114k and the loan amount is $118k. The offer we put in was $125k.

The seller offered to pay for a 2nd appraisal and the underwriters denied this. So are we now at their mercy to try to come down to the appraisal price or come up with the difference?

UPDATE: the sellers agreed to lower the price to $114k but no longer want to pay the closing costs which I expected to happen. Our realtor is trying to get $2000 in closing but we’re fine with what happens either way!

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anxious_labturtle

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Posted: 5 years ago
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