has it appraised for less than your offer .... and won't give you a mortgage to cover the amount. You have a shortage. Are you still obligated to go thru with the purchase ???
2007-12-14 11:51:54 · 7 answers · asked by burlingtony 2 in Business & Finance ➔ Renting & Real Estate
It is possible that you are still bound to your offer to purchase, depending on language in the contract. Your realtor (or standard language in the contract) should provide for a contingency in the offer which requires that the appraisal for financing come in at equal to or greater than the purchase price offered, or your offer can be retracted.
If that language isn't in there somewhere, you may well be bound to the offer to purchase anyway. As to other comments that this language is somehow standard in contracts, it's not everywhere. In my state, I must specifically write in such a contingency or it doesn't exist.
2007-12-14 11:59:12 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
No. This is part of your 17 days of due diligence. If the property is now under what the asking price for the home is. You may now resend your offer to match that of the appraised amount.
2007-12-14 11:58:13 · answer #2 · answered by Big Deal Maker 7 · 0⤊ 0⤋
No. If the house doesn't appraise for the accepted price, either the seller comes down or the deal falls through.
2007-12-14 11:55:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You have to come up with the difference. Mortgage companies, banks and legitimate lenders are not in the business of lending money for over-priced homes.
They DO NOT want to get into the real estate business.
Thanks for asking your Q! This is not the answer you looked for, but perhaps someone will give you a few hints about what to do.
VTY,
Ron Berue
Yes, that is my real last name!
2007-12-14 12:00:56 · answer #4 · answered by Ron Berue 6 · 0⤊ 0⤋
It depends on how the offer was written up.
You should stipultate in the offer that it is dependant on a number of factors, including home inspection results and appraisal.
2007-12-14 11:55:36 · answer #5 · answered by Tim 7 · 0⤊ 0⤋
Your offer should have had an out for you if you could not get financed. Read the offer.
2007-12-14 11:55:21 · answer #6 · answered by Dan H 7 · 0⤊ 0⤋
Surely the contract was subject to finance . then you just pull out no consequences
2007-12-14 11:56:17 · answer #7 · answered by jennifer h 7 · 0⤊ 0⤋