SOLUTION: House didn't appraise
So my partner came up with a creative way around an appraisal issue and I'm wondering what you all think!
- Buyers are prequalified based on debt/income for 300k debt.
- Buyer submits offer to buy house at 250k
- House appraisal comes in at 230k
Now this is where it gets interesting...
- Seller offers to owner finance the deficit in the appraisal of 20k.
- Seller does this by offering terms of a loan and is willing to take second position behind primary loan.
Anyone done anything like this? It holds people accountable to these high offers we are experiencing in todays market. If they are willing to purchase the house for 250k, this provides everyone a wayto be happy.
Thoughts?