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Updated over 7 years ago,
Help closing a gap between appraisal and contract price
Hey everyone.
I could use some advice from some creative thinkers out there. Here is the situation...
A client of mine is about to lose her financing because she just quit her job to move to another state, Before she quit, we found her a triplex that is producing $3250/month in revenue and we went under contract for $385k.
Now, the appraisal is coming in at $308k but the income value according to the appraiser is $355k.
Regardless, the seller will probably not accept $365k, let alone $308k and there will be a decent gap. If the deal falls apart, my client won't be able to use financing for 3 years or so and will lose the $2000 in appraisals, inspections, etc. and of course the seller will lose out on the sale and the time and effort.
Is there something I am missing besides the buyer either paying the difference in cash or walking?
Anything that would benefit both sides would be great. Thank you!
-Brad