Help! Appraisal came in too low
We put an offer in at $1.2M and waived an appraisal, but the appraisal came in WAY lower than the agent, lender and myself anticipated (200k less). We are using a 10% down vacation home loan, and can only afford about $1.06M now.
Does anyone have any advice on how we can still make this deal work? Has this ever happened to you and how did you make it work?
Is it possible to seller finance the remaining 200k to make up the difference? Or is that not an option when you are financing the majority of the home with a bank loan?
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#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
Are you in the inspection window? If so get out of this deal. You don't want to pay more than a house is worth and never waive an inspection contingency unless you are sitting on a pile of cash to make up the difference. There are other places out there so don't overpay on this one.