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I recently put in offer on a bank owned home. Listed price was 209K.
I was one of five competing offers, offered 10K over asking price, 2K in earnest money and was going to use a conventional loan with 5% down.
My agent received an email from the listing agent saying the bank went with another buyer, but it was contingent upon an approved appraisal and whether or not the buyer wanted to proceed with the appraisal process.
Was wondering if anyone is familiar with situations like this and the likelihood the current prospective buyer will walk away.
Just really hoping, somehow, someway, the odds tilt in my favor!!!
Thanks for any insight!
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All purchase agreements that are going to be finance are going to be contingent on an appraisal for the purchase price. If the home does not appraise then the seller (bank), has the option to lower the price to that amount and proceed.
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