Updated over 4 years ago on . Most recent reply
Conventional loan advice.
So we just got an offer on our house for 299,000 .
the buyer showed paperwork 299,000 purchase price 15% down loan amount 254,000. Conventional Loan.
We had an offer before of 305,000 but fell thru because a ****** appraisal of 284,000 using comps from 8 months ago and wouldn’t consider the new comps .
My questions are if I take this loan and for some reason we get the same appraisal lady since there is no rules saying she can’t just has to notify the lender she has done it before.
If it gets appraised at 284,000 again or higher to 296,000. Will this offer of 299,000 be able to continue since they are putting 15% down and the loan amount will still be less then the appraisal value?
If my math is right their LVT would be about 88% still below 97% .
Would the lender let them continue?
The paperwork said they have to have PMI.
I have a realtor but she is not answering my questions and she told me after va loan fell through we wouldn’t get an offer over 290,000 I lost all faith in her but stuck in a contact.
She told me appraisal gaps are for houses 100 -200k?