Low VA appraisal and seller assist Philadelphia, PA
Hi,
I have a triplex under contract with a purchase price of $212.5K and $8500 seller closing cost assistance (he struck the percentage and wrote in that number instead). All repairs have been agreed on (not appraisal repairs, just PICRA repairs) and appraisal has been ordered. I will be using a VA loan.
The appraiser is hinting that the property isn't going to meet value. Here's my question:
If value comes in lower than 212.5K, are the $8500 CCA or repairs now subject to renegotiation? Or must the seller lower the price and remain bound to the previously agreed upon CCA and repairs?
Note: I know that he can walk or I can bring cash, and I also know about VA required repairs. Please keep your response specific to my specific question. This is a standard Pennsylvania purchase and sale agreement.
Thanks!