Updated about 4 years ago on . Most recent reply
What to do if property doesn’t appraise for what I offered
I had an offer accepted yesterday but the seller said that if the property doesn’t appraise for what I offered then I will have to cover the difference(offered 315 and it was listed at 300). I then tried to put in the contract that if the property doesn’t appraise for 315 then we can discuss and make a decision on how to move forward from there. Because I do not have an extra 15K to be able to pay for that on top of rehab , down payment , closing costs etc. The seller refused and now he is saying we have to make an agreement before the appraisal on what we will do if it doesn’t appraise for 315. Such as us splitting the difference or me covering the difference. Does anyone have any ideas on how I should move forward? Especially since I can not afford to do what the seller is asking. The seller has been a pain throughout the whole process from showing me the property to now and part of me feels as though that he knows it will not appraise for 315. (Property is a Duplex and I plan on house hacking it)