Updated over 8 years ago on . Most recent reply
Need 20k out of pocket because of low appraisal
I am in the middle of this deal in Houston TX and I'm purchasing the property through a turnkey provider. The agreed purchase price was 300k. However the property was appraised for 260k which I believe is the true value of the home currently. The seller wants 282k, should I pay more out of pocket? And if yes, is there a way to do some creative finance for the difference?
The current rent rates for the area for a similar property is 1800, however the main reason why I am purchasing is there is a corporation lease on the home for 2700 for an additional 4 yrs (lease includes maintenance and property management already paid)
Should I proceed with the deal and pay more?
Most Popular Reply
PASS on this one. If the market tanks in Houston, you'll be way under water fast. There are better deals out there.