Trying to save FHA deal -- HELP

[Kalimah Jenkins]

Under contract in 3 days on this property.  Asking price was $144,900; appraised at $144k; contract was for $150k with a seller assist of $4,500k.  I am trying to save the deal but I don't want to lower my price $5k just to give buyer a down payment.  Is there anyway to save this deal?  I would give a second, but I am not sure if those are still allowed.  No real comps.

Can anyone suggest a way to save this deal?

[Evan Wiesner]

The reality is that you are limited in options. You can ask them to pay cash for the rest, which probably won't happen with an FHA buyer. You can drop your price, which is painful but the easiest if you're considering timeline. Or you can terminate and try to find a new buyer. Keep in mind that the FHA case number assigned to that appraisal is good for 90 days so you will need to find a conventional borrower if you can't find a cash one.

I left out that you can contest the appraisal since you said that there aren't any real comps. At this point its probably best to consider what you have in your hand and make the best of it. FHA buyers are usually limited on cash so you're stuck a little. I wish you the best of luck but I think those are your best avenues at this point.