$13,000 down the drain? Locked into a deal that didn’t appraise..

[Russ Marlborough]

I am suppose to close this week on a duplex that didn’t appraise. The Purchase price is 150k and it appraised at 120k. I am locked in due to various circumstances and will loose my 13k deposit plus miscellaneous inspection and other costs totaling around 15k.

Crazy thing is The cash flow of the property is still outstanding.

Owner will not budge on price due to the income the property throws off. It Makes 1900 per month.

Do I walk away from this deal and forfeit the money I have put out for deposit and miscellaneous expenses or do I take the appraisal on the chin and take over this property in the negative?

Thanks for the help!

Russ