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If house is appraised above what lender deems reasonable and refuses your loan what can you do

Profile picture for chiefbotty972
My income is 73000 per year @ I pay no SS out of it cause it's pension and SS money.  Where I am trying to buy house my state tax is 20000 free deductable I recieve free medical from my employer.  No debt, income is quarrented for life, FICA score is over 800 house I want is 245000 but apprasial came in at 225000 so bank says bad risk, no loan.  Want house to live near my daughter.
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December 13 2009 - Staten Island
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Profile picture for TheMortgageMark
Try to get the sales price reduced. 
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December 13 2009
Profile picture for Chris Corica
I agree with Mark. If the appraiser says the house is worth $225,000, why should you have to pay $245,000? The bulk of an appraisals value is what similiar houses in the neighborhood are selling for. Talk to the seller, explain the situation and see what can be done.
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December 13 2009
Profile picture for wetdawgs
Usually when offering on a house, one of the contingencies is that the appraisal comes back similar to (or lower than) the offer price.  In this case, as the appraisal is so much lower you may wish to offer the appraisal price.

An alternative (not recommended) is to pay the $20k difference out of pocket and not consider it a portion of the downpayment.
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December 13 2009
Profile picture for 203K Specialist

I am confused...If the appraisal came in 20K less than the Sales price what do you mean by "House is appraised above what lender deems reasonable"?

The appraisal came in low or did the lender knock the appraised value down even more than the appraisal?

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December 13 2009
Profile picture for DDratwa
a.  renegotiate price
b.  pay the difference out of pocket
c.  find a different house
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December 13 2009
 
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