Home Apprasial Low, now what?!

[Bryan Cavellier]

I got my first duplex under contract for 142k with 8k of concessions (FHA, Owner Occupied). Home was appraised for 134k. Hmmm fishy so I contested with a comp and additional information. 2nd apprasial came back and simply raised it to 135k. Personally this appraisal is low but that eill only help me I suppose when I refi!

I have enough money in my bank account to only spend so much at closing so I am now 7k short. Suggestions on next steps? Make a new offer, or leave the deal?

Best,

The Newbie Bryan

[Brandon Sturgill]

@Bryan Cavellier Reduce the price or cover the shortfall with your own cash...which defeats the purpose of using an FHA insured loan...its not worth what you have it in contract for...your lender will only lend up to the appraised amount.