Will current appraisal hold?

[Tyler Maddox]

I was planning on buying a duplex with a partner that was going to help out with the down payment, and in return he would get a percentage of profit. I was going to have the home in my name because he could not have a bank give him a loan based off his employment history (he is recently out of the national guard and wanted to put his reserves in investment properties). Our closing date is in 1 week from today. A couple of nights ago I received a text saying that my partner is more than likely out of the deal. Leaving me to come up with the down payment. I have talked to the owner and he understands the situation because he was in the same guard unit as previous partner. Now I am scrambling to come up with the amount for the 20% conventional down payment. 

My thought was to let the contract expire then have a different set of financing terms. But will the same bank take the previous appraisal for a different type of loan? Or will there have to be another appraisal since it is only valid for that one date in time?

[Wayne Brooks]

If the owner is cooperative, don't let the contract expire, simply do an addendum extending the date and modifying the financing being sought. You may no longer be able to get your deposit back based on financing anyway, depending on your contract.   Are you going to owner occupy?  Has your lender told you that a lower down payment can be done?  The appraisal should be fine.