I am new to the group and new to real estate. I am in the process of purchasing my first home in chicago through FHA financing and the appraisal came in about 5k under contract price. The home was not in a multiple offer situation and we negotiated for a lower price. Who can I contact to help me renegotiate price? My realtor, lender, or attorney?
Yes, your agent knows how to approach this. For the seller, they should likely just lower the price $5k, as with an fha appraisal it sticks to that property for 6 months for any future fha buyer.
you're in a weak position with the FHA, but it's also a pretty simple one. Either the seller is going to have to drop the price or you're going to have to come up w/ the difference.
This later part is what makes it hard for you, if you had a big down payment then you could use some of that to make up the difference, but if your at minimum it can be hard to find that extra money.