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Real Estate
Reply to "Appraisal versus Sale Price"
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[quote=Anonymous][quote=Anonymous]If appraisal and sale price do not match up, what options are available aside from seller decreasing the price and/or buyer ponying up the cash to make up the delta (about 15%)? Will bank loans be still be disapproved despite a no appraisal contingency? [/quote] Third option is the deal blows up. You *might* seek another appraisal. Depends on the bank and whether it would accept one. No, bank won't lend you the money if it doesn't appraise. Lack of appraisal contingency probably would be superseded by the financing contingency, unless you were stupid enough to waive that too. Only time a no appraisal contingency matters is if it's an all-cash deal. Anytime money is borrowed, however, the appraisal matters and is material to dispursement (or not) of the funds.[/quote]
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