appraisal came in lower than purchase price?
i just loan the bank for money to purchase a home and the appraisal came in lower the the purchase price 2,000 lower ,can some one explain what is going to happen? do i pay a 2000$ for the bank to give me a loan?
- godgedLv 78 years agoBest Answer
My first thought would be to ask the seller to adjust the purchase price. If they refuse, you may have to come in with more money, see what your lender says about the appraisal.Source(s): Oregon Realtor
- eberhardyLv 43 years ago
in case you back out, you will lose your earnest funds deposit. as quickly as you have got rid of the financing contingency, you could not take it back, notwithstanding if the appraisal fails to return a cost sufficient so which you will receive the non-public loan. As a real property broking provider, I continuously incorporate a separate contingency to the tip result that the appraisal could desire to return a cost equivalent to or extra advantageous than the presented value, or the shopper can elect to stroll away. curiously your agent did not gain this.
- Steve DLv 78 years ago
No...you need to either have the seller reduce the price of the house by $2,000, or you need to make a bigger down payment (by $2,000), or some combination of both (i.e., reduce price by $1,000 and increase down payment by $1,000).