Strategies if the appraisal comes below the price in Escrow

[veees]

I wanted to get some advice from the forum members when the appraisal price comes lower than the price on the contract in Escrow… I know we can walk away, or the seller can lower…but what are the cons in long term if the seller doesn’t lower the price and we have to pay in cash the difference.

any experiences on this will be very helpful

[sdrealtor]

It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?

[sdrealtor]

It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?

[sdrealtor]

It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?

[sdrealtor]

It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?

[sdrealtor]

It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?

[veees]

[quote=sdrealtor]It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?[/quote]

o0nly 2-3 comparable were sold within the last 3 months in that area and they all were foreclosures. Also the place we are in for is highly upgraded..

so not sure what to do 🙁

[veees]

[quote=sdrealtor]It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?[/quote]

o0nly 2-3 comparable were sold within the last 3 months in that area and they all were foreclosures. Also the place we are in for is highly upgraded..

so not sure what to do 🙁

[veees]

[quote=sdrealtor]It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?[/quote]

o0nly 2-3 comparable were sold within the last 3 months in that area and they all were foreclosures. Also the place we are in for is highly upgraded..

so not sure what to do 🙁

[veees]

[quote=sdrealtor]It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?[/quote]

o0nly 2-3 comparable were sold within the last 3 months in that area and they all were foreclosures. Also the place we are in for is highly upgraded..

so not sure what to do 🙁

[veees]

[quote=sdrealtor]It depends why it didnt appraise. Was it over priced relative to close comparables or was it difficult to appraise because of the lack of close comparables?[/quote]

o0nly 2-3 comparable were sold within the last 3 months in that area and they all were foreclosures. Also the place we are in for is highly upgraded..

so not sure what to do 🙁

[davelj]

This doesn’t seem that complicated.

If you really love the place, pay up for it. If you have to put more money down, then so be it.

If you don’t really love it, then let it go. I doubt the seller’s going to get a higher appraisal going forward. The appraisal’s the appraisal. They’ll have to lower the price unless someone else comes along and is willing to put up more of a down payment to bridge the financing gap.

[davelj]

This doesn’t seem that complicated.

If you really love the place, pay up for it. If you have to put more money down, then so be it.

If you don’t really love it, then let it go. I doubt the seller’s going to get a higher appraisal going forward. The appraisal’s the appraisal. They’ll have to lower the price unless someone else comes along and is willing to put up more of a down payment to bridge the financing gap.

[davelj]

This doesn’t seem that complicated.

If you really love the place, pay up for it. If you have to put more money down, then so be it.

If you don’t really love it, then let it go. I doubt the seller’s going to get a higher appraisal going forward. The appraisal’s the appraisal. They’ll have to lower the price unless someone else comes along and is willing to put up more of a down payment to bridge the financing gap.

[davelj]

This doesn’t seem that complicated.

If you really love the place, pay up for it. If you have to put more money down, then so be it.

If you don’t really love it, then let it go. I doubt the seller’s going to get a higher appraisal going forward. The appraisal’s the appraisal. They’ll have to lower the price unless someone else comes along and is willing to put up more of a down payment to bridge the financing gap.

[Author]

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