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House listed for $187k and and my offer was accepted for $200k.

My offer was accepted at $200k for a Freddie Mac foreclosure. I think it's going to appraise at around 192k. Do you think FM will lower the price to the appraised price?

  • September 10 2010 - Fontana
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Answers (5)

They are getting stickier about this but most lenders including Freddie used to typically lower to the appraised value. You just don't know, negotiate the best you can and don't walk away from a good house over $5k or $10k.
  • September 10 2010
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Thanks..i hope they do. I don't want to pay out of pocket cash. It's an FHA loan, I hope they realized they weren't dealing with a conventional loan. 
  • September 10 2010
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Make sure your agent is very nice to the selling agent and your agent stresses how you will buy it if the seller will come down in price. The selling agent is the one talking to the Freddie employee and you want that selling agent to be in your court. Have your agent convey to the selling agent how much you love the house but you don't have cash to come up with out of pocket if the appraisal is low. In the end the agents just want to close the deal so you might also want to stress to your agent too that you can't come up with the extra cash....
  • September 10 2010
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UPDATE:

My house apprasied at $200k with no repairs required to the house! Woo-hoo!

Escrow started today....
  • September 13 2010
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Congratulations.  
  • September 13 2010
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