appraisal low , options?

[spicyfish]

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

[spicyfish]

ltt

[pandu123b]

no option except you need to pay the difference as your down payments 

[Gorantlamdhav]

10 minutes ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

Go back to seller and negotiate as they have to remarket and sell for low if you backout

[csrcsr]

15 minutes ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

Offer mida appraisal contingency petava bro?? You are in escrow ?  Usually sellers negotiate you might have already been in escrow i think 3% already check ichesava , niku entha pain vadiki anthe pain to make from pending to for sale again try 

One more baada 4% more than comparables offer ichamu anna manashanthi kuda undadu

[Konebhar6]

17 minutes ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

• Cover the difference.
• go to a local mortgage vendor/agent. Their appraisal methods are not stringent. 
• Let go of the house, cite loan problems. Try to re-negotiate the price.

[Thokkalee]

18 minutes ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

As someone suggested, go back to the seller and renegotiate.. tell them that the bank didn’t approve the loan and you don’t have the funds to make that extra 4% from your pocket.. he might give you some discount of 2% or so.. it is a pain for him to put it back in the market.. usually oka sari pending lo ki poyaka, malli ekkuva offers raavu unless they have a whole bunch of offers initially.. 

but why do you want to buy a house for over the market price when the prices are going down?? Appraisers valuation chesedi recently sold properties ni base cheskuni.. as the market is going down and down, if they appraised it lower, then the actual current  value is even lower than the appraised value.. 

[stonks_pro]

1 hour ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

List price meeda over bid chesara bro? Or it is listed at high price? May I know the city? Usually bigger markets n growing n tellavallu cities lo rarely homes get apprised lower 

[spicyfish]

1 hour ago, Gorantlamdhav said:

Go back to seller and negotiate as they have to remarket and sell for low if you backout

 

1 hour ago, csrcsr said:

Offer mida appraisal contingency petava bro?? You are in escrow ?  Usually sellers negotiate you might have already been in escrow i think 3% already check ichesava , niku entha pain vadiki anthe pain to make from pending to for sale again try 

One more baada 4% more than comparables offer ichamu anna manashanthi kuda undadu

Multiple offers unnai on property we got lucky. Not looking to back out , we like the property and ikkada properties levu nenu chustunna place lo ..either above my budget or very old that too Multiple offers ...

Just asking folks here if there is any other thing like second appraisal cheyyocha or any thing else ani 

 

[FrustratedVuncle]

1 hour ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

Ipudu unna market lo unna price Kanna ekkuva petti konudu endi viddoramga. Ppl are negotiating down the prices.

If you don't want to back out then easiest option is to pay the difference from pocket 

[Gorantlamdhav]

11 hours ago, spicyfish said:

 

Multiple offers unnai on property we got lucky. Not looking to back out , we like the property and ikkada properties levu nenu chustunna place lo ..either above my budget or very old that too Multiple offers ...

Just asking folks here if there is any other thing like second appraisal cheyyocha or any thing else ani 

 

Yeah 2nd appraisal teeskovochu you have to pay fees

Don’t trust those agent words about multiple offers, just push for negotiation at appraisal 

remember below

1. seller agent gets percentage of sale price so they want max price , same with buyer agent so its their interest 

2. Bank wants to give you loan no matter what so they push you to accept with more down payment or with another appraisal 

3. Your interest should be to reduce the price so push all of them hard and hard , just tell them you will backout and they will reduce price 

 

[Kootami]

13 hours ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

oksari alochinchandi vayya , eee market lo appraisal raledu antey big red flag to move forward. I know its very hard to move on but think about it

[LadiesTailor]

13 hours ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

Renegotiate or back out 

it’s not worth to buy a home which is not matching the appraisal value 

[pandemkodi]

It’s actually good you got a chance to negotiate with seller on price 

[Ravi860]

13 hours ago, spicyfish said:

HI friends, 

Appraisal low than the price of the house vaste what are the options?

Not looking to walk away as we liked the house and are planned to move in. We initially planned to do downpayment of 20% and planned with that budget while keeping the rest for emergency funds. 

Ippudu appraisal oka 4% low vachindi home price kante so that will make us change our down payment to adjust the gap and expect an increase in monthly payments.

Other than this any other options?

 

4% down vachinda? that’s so high. Sounds like this is old house and you are buying from someone?

This can also happen for new construction? And how flexible it is if one is going with builder lender?