I currently have a duplex under contract that I was planning on financing with an FHA loan. The appraisal for the property was done last week which came in $50k under the purchase price. The property has an additional corner lot attached to it, which doesn't seem to have been factored into the appraisal value despite a request to the financing bank for an appraisal adjustment.
I am simultaneously looking into other conventional financing options with different banks and trying to get the seller to finance the $50k difference through a collateral agreement, but I am in search of additonal potential alternatives to cover the remaining $50k. Are there any possibilities I might be overlooking?
Any suggestions would be much appreciated!
Unless you are emotionally attached to the property, take a risk and try to get the seller to lower his price, using the appraisal as ammunition.