re: House buying question - didn’t meet appraisal Update: pg 3

Talk to your agent. My opinions as a realtor though

1 - You’re under contract. Unless you have a contingency to cover this, they may be able to force the sale. Talk to the other side and see if extending the close date on yours is possible, so you don’t have to start over selling yours if you need to look at another to buy.

2 - depends on the way the contract is written. If you have it contingent on appraisal you have the ability to cancel and recover your earnest money. Those usually include a sell at appraisal value clause option. You could give the seller an option to pay for another appraisal if your lender agrees possibly.

3 - Appraisals are opinions. Additional acreage depending on the situation really doesn’t add that much generally to home value.

If you’ve got a comp sale at 233, you can negotiate a reduction in the sale price from the 259 offer. Seller is going to need to understand he may need to do so because of the appraisal on any future contract. Be aware you may be paying cash for the difference between the price and the appraisal based on what your lender says.