(Closed) Appraisal came back as less than purchase price ahhhh

posted 7 years ago in Home
Post # 3
Member
7779 posts
Bumble Beekeeper

@MrsSaltWaterTaffy: 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.

Post # 4
Member
2697 posts
Sugar bee
  • Wedding: June 2012

Did you have an appraisal contingency? Did it have to appraise for the purchase price or for the mortgaged amount?

Post # 6
Member
2697 posts
Sugar bee
  • Wedding: June 2012

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?

Post # 7
Member
69 posts
Worker bee

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!!!!

Post # 9
Member
284 posts
Helper bee
  • Wedding: October 2011

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!

Post # 10
Member
2697 posts
Sugar bee
  • Wedding: June 2012

@MrsSaltWaterTaffy: Hmm, strange. They wouldn’t use an asking price in an appraisal. Have you talked to your SO yet? What does he think?

Post # 12
Member
2697 posts
Sugar bee
  • Wedding: June 2012

Good luck! I hope that the sellers come down.

Post # 14
Member
43 posts
Newbee
  • Wedding: July 2012

Good luck! I’m a Realtor and I know what it’s like for an appraisal to not come in at purchase price!

Post # 15
Member
5655 posts
Bee Keeper
  • Wedding: April 2011

YAY! Glad it worked out! =)

Post # 16
Member
147 posts
Blushing bee
  • Wedding: April 2016

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?

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