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Close or Walk Away

I am currently in contract for a house, everything went smooth until the appraisal came back 2% less than asking price (FHA). We are willing to put 2,000 extra but seller is giving my husband and I a hard time to lower his asking price by 5,000. We are unable to come up with more than the additional 2,000 and we are willing to walk away if seller does not budge. We are waiting to hear back from my realtor on sellers decision. Is the seller benefiting if he chooses to walk away from the deal for 5,000?  (The house has been on the market for 6 months)
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June 26 2013 - Queens
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Answers (5)

Profile picture for riteandready2buy
Whatever you decide, do not use desperate emotions in your decisions. You want to make sure you make a concrete decision in your purchase.  If it not for you, then it is not for you.   If it for you,  then it will be at whatever extra cost. Think about the budget and what you can afford.  My question to you is  there any monetary loss if you walk away?  

homeowner x2
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June 30 2013
Profile picture for user9725138
Walk away and find some whose word means something to them. I watch these people who call themselves "Professionals" do it all the time they give you a price and then turn around and change their minds instead of sticking to their word. I was a professional contractor most of my career and when I wrote a contract and we both signed it the only changes were add on's and if my estimate was wrong I ate the cost and I never was without work. Your word should mean something.
 That's my opinion. 
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June 30 2013
whats the rate you locked in at? remember the rates went up a lot over the last few weeks.  Try and figure out the difference its going to cost you to let this property go and end up with the current rate.
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June 30 2013
The seller does not need to come down in price but if you had an FHA appraisal, as you mentioned, then the FHA appraisal will "stick" with the home for 4 months after it was conducted. That means that any future buyer wanting to purchase it with FHA financing will be limited to the same appraisal amount during that period unless there was a material defect with your appraisal.
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June 26 2013
Profile picture for wetdawgs
I'm sorry to hear of your difficulties that appraisal came in under offer price.  Whether or not the seller benefits is a decision that only they can determine, and is certainly within their rights.

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June 26 2013
 
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