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Reply to "What did you do as a seller if appraisal came in low"
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[quote=Anonymous][quote=Anonymous]We are worried about this since there is such low inventory and the comps are not even really comps in our opinion. Would hold out until spring (when there will presumably be more inventory) if we could but prefer to sell now. Did you lower the price or stand firm? How receptive were the buyers? Did having a back up offer make a difference?[/quote] If the seller can pay the cash to make up the difference, that's one solution. The bank will only mortage 80% of the appraised value. Otherwise you take the hit or cancel the sale and try again when prices come up.[/quote]
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