Posted on: 16th Jun, 2014 08:26 pm
I entered in a purchase agreement. I paid for an inspection and appraisal. The appraisal came in $10k lower. The seller is unwilling to lower the price and the lender is not willing to approve the loan for the purchase agreement price. I have paid for an inspection and paid for an appraisal. I have given notice to my landlord and now I am in a bind. Do I have any legal recourse? Is it worth it to consult with an attorney? or is this just the chance buyers take when entering into a purchase agreement?
You are out of luck - unless there is something in the contract that says the seller must change price if the appraisal comes in lower they are under no obligation to change - There is no bank around that will lend on the sales price if the value comes in lower -
You can pay the difference in cash - or take your losses and keep looking- You may want to check with your landlord - the earlier they know the more likely they are to work with you
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
You can pay the difference in cash - or take your losses and keep looking- You may want to check with your landlord - the earlier they know the more likely they are to work with you
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender