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Answers (2)
- Susanne Novak, "OhioPrettyHomes"
- Contributions:3708
Hi, just as Dan already mentioned, you really only have two options. Either pay the difference out of your pocket or ask the seller to reduce the contract purchase price so you can move forward. If none of these two options work out, you can cancel your contract and get your earnest money deposit back. Hope this helps!
- Dan, "the_country_hick"
- Contributions:4699
You should have both a financing and an appraisal contingency in your contract.
What happens is one of 2 things.
1 you pay extra out of pocket and pay more than it is worth or
2 the seller drops the price to be able to sell the house.
I vote for #2. It is best for you. If the house will not appraise you should not overpay for it.
What happens is one of 2 things.
1 you pay extra out of pocket and pay more than it is worth or
2 the seller drops the price to be able to sell the house.
I vote for #2. It is best for you. If the house will not appraise you should not overpay for it.
What if the VA loan appraisal comes back lower than the contract price? What happens then.
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