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I put an offer for a HUD condo for 12k over the HUD appraised value of 85k. It has plumbing issues, and figured the HUD appraised value was too low, therefore, was hoping on doing another appraisal to get the price up. The offer got accepted, but turns out since I am getting an FHA, they have to use the HUD appraisal. I am looking at the comparable and I am overpaying 2k over the maximum, the medium is 85k. At this point, the options as I see them is either proceed with the purchase overpaying by that much or retreat or lose my deposit. I asked my realtor if HUD negotiates on the price, they say they won't and will take the backup offer right away.
Are there any other options?I would greatly appreciate any comments…
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