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Updated over 10 years ago on . Most recent reply
- Full Charge Bookkeeper / Administrative Support On/Off Site
- The Woodlands, TX
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Appraisal Came In Lower than Asking Price
Good afternoon everyone!
Property: Original sell price $52,500, negotiated price down to $50,500.
I am in escrow on the property (Purpose is Lake House Vacation Rental).
My question is this, we just received the appraisal back coming in at $45,000. What are my options if the appraisal value comes 6,000 under the seller's asking price?
One, I would not have the luxury to put down an additional 6,000.
Feeling a tad bit gutted on my first place.
Thoughts? Recommendations? Suggestions?
Thank you in advance for any help.
Elisabeth Hernandez-Madrigal (Newbie)
Most Popular Reply
Elisabeth,
I like your optimism, but if I were you, I would concentrate on a cheap deal "very" close to home. No vacation rentals, no out of state rentals. Get your feet wet on something you can get to in 5 minutes.
Start small.