If an Appraisal came in low while in escrow,what to do?

[farbet]

What about this Scenario

What about this scenario:
You make and offer on a house on a short sale. The Bank(seller) approves.
Before Close of escrow and within the escrow peiod weeks a few houses(one opposite) same size, same street and within 1/2 mile etc comes on as REO’s and short sales at about 50K-70 K lower.
Will the appraiser pick these up? Is there ,other than walking away, to ask that the price be lowered to match comps ?
appreciate your replies

[raptorduck]

If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.

Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.

For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.

[raptorduck]

If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.

Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.

For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.

[raptorduck]

If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.

Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.

For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.

[raptorduck]

If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.

Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.

For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.

[raptorduck]

If you wrote your offer with an appraisal contingency, and it does not appraise, you can walk away or ask for a price concession.

Shorts sales are a different animal however, and their unpleasent nature has been well documented on this board. It seems to me that the bank would rather take posession than approve a lower offer, but who knows.

For me, with normal offers, I always worry about appraisal, but if it does not appraise, and if the seller refuses to adjust the price accordingly, I can walk away. You can do that with the short sale too if you had it as a contingency.

[Bugs]

Or, if you love the house you can make up the difference out of pocket.

[Bugs]

Or, if you love the house you can make up the difference out of pocket.

[Bugs]

Or, if you love the house you can make up the difference out of pocket.

[Bugs]

Or, if you love the house you can make up the difference out of pocket.

[Bugs]

Or, if you love the house you can make up the difference out of pocket.

[farbet]

Thank you guys

[farbet]

Thank you guys

[farbet]

Thank you guys

[farbet]

Thank you guys

[Author]

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