Appraisal value came in to low Help!
I just received an appraisal for $50K and I am in contract with the seller (Fannie Mae) at $71K. on a investment property (Duplex). Now I haven't talked to my lender yet but If the lender was still willing to give me a loan for $71K technically can the seller still keep my escrow money? I think that the contract only says that if I can’t obtain financing then I can get out with my escrow. But technically the bank didn’t reject my loan. What are possible outcomes to my scenario? What if I wanted to offer the bank $55K for the property? Would it be in the banks best interest to take it? What if the bank says no and decides to put it back on the market what do you think I should offer the bank for the property? The HomePath program is a scam full of beurocracy and red tape. Am I the victim here? They had a asking price on the property for $74,000 don’t they do any kind of market analysis before they set a price?