Help! I Think I Have a Bad Deal.

[Kevin Cook]

So, I am in a contract for 2504 Ellicott St in Tampa for $50,470. My agent's MLS comps were great ($109,300) but my hard money lender (Bridgewell out of Orlando) had their appraiser bring comps ($78,000) from the same "side" of the neighborhood, stating that a line of delineation exists and the comps reflected that fact. Okay. Now I am trying to save my $1,000 earnest and find a new buyer who can prehab it to the comps currently reflected, as I have no additional cash for outright purchase. I simply contracted too high and too soon.

Are there things I may be missing as options? While the contract is assignable and I'm shopping private lenders I'm nervous. Thoughts or insight?

[Patrick L.]

Originally posted by @Kevin Cook:

I did use a realtor, @Doug Merriott... but, unfortunately, not you! . He's pretty new. The inspection period was 3 days and my lender opted out 2 days after inspection.

Definitely find a new agent next time, this one definitely did you a disservice with the short inspection time and no financing contingency when you clearly needed a lender's appraisal even if it was hard money. The default inspection time on the FL As Is contract is 15 days and if your agent knew about your hard money appraisal I would have set it to somewhere around 10 days so you weren't at such a high risk of losing your EMD.