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@MissAsB: Oh no! That's no good. No advice, just wanted to say that I hope you get a hold of your realtor and can get something worked out.
Did you have an appraisal contingency? Did it have to appraise for the purchase price or for the mortgaged amount?
@Roe: We do have an appraisal contingency. It has to appraise to the purchase price not the mortgage amount.
And we've given notice to our current place where we are living that we will be out at the end of the year so yeah.
Really, its up to you at this point. You are legally able to walk away from the contract with no repurcussions. If you decide the house is worth the extra money and saving you some stress since you've already given notice, you can still go through with the sale if you are comfortable paying more than it is worth. Or the sellers may be willing to renegotiate the sales price since this is kind of a wake up call for them too. How much under did it come back?
That happenend with my house too but it was only a 5K difference because a staircase had been removed in order to make it into a duplex. So just find out why it appraised for less to see if its worth it & you can probably just negotiate w the seller to get it for the appraisal price. GOOD LUCK!!!!
It's only $5k difference.
It's hard to tell why it appraised for less, I think because there is one comp that is a pretty large home for a low price so maybe that skewed it.
This happened to me too a couple years ago...the seller wouldn't budge on the price, so I ended up having to walk away less than a week before settlement...I had already given my landlord notice as well and he already had the place rented out! I ended up moving into my boyfriends basement and renting a storage locker for all of my stuff...good luck, I know that this is super stressful!
@MissAsB: Hmm, strange. They wouldn't use an asking price in an appraisal. Have you talked to your SO yet? What does he think?
If we have to pay the $5k difference in order to close, my husband doesn't want to buy it. We are already paying more than we wanted for this house.
Ahhhh they are going to come down! My agent is typing up the paperwork now!
Good luck! I'm a Realtor and I know what it's like for an appraisal to not come in at purchase price!
That's weird! In BC we don't calculate appraisal into our list prices. Like, asking price is asking price regardless of what the city appraises at (usually asking price is way over appraisal anyway). It's weird to me that you have to cough up the difference?
Where I'm from, property taxes are based on the appraisal, so you want the appraisal to be low. The market determines the sale price. I wouldn't worry too much about it. I was happy when my appraisal came in lower.
@AllRosesandSunshine: Thats not quite what this is. An appraisal contingency is something a buyer asks for so that they do not have to buy a home if they discover through their appraiser that the selling price is higher than the home's value. Banks typically won't lend out money if a home is overpriced.
Tax assessments are different and the amount of tax actually isnt determined by appraised value at all but by the millage--the percent of the assessed value that is taxable. Some places it is 100%, some places it is not, but this varies by community.
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We just got our appraisal back and it's less than the purchase price and we are supposed to close next Wednesday
. Can't get in touch with my realtor so I don't know what's going on. This sucks.