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Updated over 4 years ago on . Most recent reply

User Stats

16
Posts
11
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Josh Thomas
  • Rental Property Investor
  • Dallas, TX
11
Votes |
16
Posts

Sellers past low appraisal not disclosed - do I have recourse?

Josh Thomas
  • Rental Property Investor
  • Dallas, TX
Posted

Hey all,

Using my VA loan to buy a personal home. We have been under contract and appraisal just came back super low.

Going through the ROV process, but just found out an interesting bit. The house was under contract before, and the sellers told us "financing fell through due to covid job loss." 

Come to find out, that was complete BS. The deal fell through because the appraisal came in $19k under contract. 

Well, same just happened to me, and seller wants out to go conventional. And now I've spent $1k getting inspections and appraisals done, when this could have all been mitigated from the start. 

Do I have financial recourse (or other recourse) here? 

TIA!

Most Popular Reply

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17,425
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30,066
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,066
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17,425
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

No where do I know of is an appraisal something thats required to be disclosed.  A previous appraisal would not be something Id care about. Get 10 appraisals done and youll get 10 different values. 

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