Appraisal Well Below Purchase Price
Hi BP I am stuck between a rock and hard place and was hoping someone has some advice or experience in the following situation.
I had an offer accepted on a Duplex for $350,000 and already went through all the inspections and re-negotiations with the seller. While the loan was in Underwriting the appraiser did the official report and appraised the property at $305,00. The property brings in $3,200/month in rent and I had no problem agreeing to the asking price of $350,000.
After talking with my agent it seems the ball is out of my court and the seller either has to bring down the purchase price to $305,000 or walk away from our agreement. What can I do to ensure the deal doesn't fall apart? Is it possible to get a second appraisal?
Most Popular Reply
What do you see that the appraisal missed that makes this worth paying extra for? Without much detail... 3200 monthly rent seems to align closer to the appraisal price vs the 350k.