Profile picture for ktinsd

appraisal

I have a feeling that the property I am in escrow will be appraised for less than what I offered for the house. I live in Cal. and am getting an FHA loan. How often does this happen and what happens if it does appraise for less? 

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April 27 2010 - US
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Answers (4)

Keep in mind the appraisal is your safe guard... but if you really feel the home is worth the value... bring in the money difference and buy the property... Good luck
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April 29 2010
Maria is correct - and unfortunately what Beno95 said is not applicable here as an FHA appraisal cannot be challenged and once it has been done it will stick with the property for six months.  The only option would be for a renegotiation on the sale price or for the agreement to be nullified - hopefully you have verbiage in your contract to give you an out and keep your earnest money.

Best of luck,
Dreamtown.com
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April 29 2010
The sale will have to be renegotiated.  Banks don't lend more than the appraised value and buyers are not obligated to purchase at more than the appraised value. So if the home comes at less, the choices for the seller would be to refuse to sale or sale at the value. Unless someone is buying cash and wants to pay more.
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April 27 2010
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I was never able to get the loan unless the seller changed the price to what it was appraised at or less
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April 27 2010
 
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