So my original offer on this duplex was accepted at 130k and I paid for a personal inspection ($300) after the report came back. It’s clear that the home isn’t worth 130k so the seller said he will only come down to the official appraisal price. I don’t want to pay exact market value especially at a time like this. This is my first investment I know I will make mistakes but I want to start off in the right direction. Any advice ?
Add an addendum in your PA stating "...the purchase price will be equal to the lesser of the two of either the stated accepted offer, or the official appraised value".
Your seller has already said they would come down to the appraised value...if it was official. So make that part of the agreement. That way, you can pay for the appraisal before hand without fear.
@Joe Villeneuve thank you for the advice I will do.
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