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Purchase price is $12K more than appraised value. Should I rely on appraised value?

Professionally appraised new construction for $12,000 less than the builder is willing to sell.  Builder says that upgrades do not allow further reduction.  
  • July 28 2012 - US
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Answers (1)

You must be paying with cash or the lender will tell you they will loan no more than the appraised value and you would have to make up the difference in cash at closing. What is it worth to you? I would ask for upgrades to cover the difference and keep the price the same. If that does not work I would ask them to meet you in the middle or you can walk away and see if that brings them back to the table.
  • July 28 2012
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