Purchase or not if appraisal came back low
I am under contract to purchase a turnkey property from a well-known turnkey provider. Appraisal came back $210,000 and sale price was $225,000. Turnkey provider will only come down to $220,000 which means I have to come up with more cash to close. What are your suggestions for me here? Do I go ahead with deal or cancel it? House is in OKC.
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@Richard V. agree with @Greg Scott does 10k out of pocket kill your deal? Chances are it should have minimal impact. I would not let appraisals dictate the course of your investment. For future reference, while appraisals don't always come in below intended purchase price, you can expect this to happen more frequently given today's market. Again, if all the other boxes are checked, I would reanalyze and proceed forward if it makes sense to do so. Best of luck!