buying a house

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resolving difference when contract price exceeds bank appraisal by 80000

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Type: Question • Score: 4 • Views: 1,502 • Replies: 6
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[+3] - jespah - 03/02/2015Breach the contract and walk away from the deal. And next time, learn from this, and get an appraisal before you make an offer.

@mailjcun,

Breach the contract and walk away from the deal. And next time, learn from this, and get an appraisal before you make an offer.

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@mailjcun,

If your contract relies on a bank mortgage then the contract could be voided due to not being able to secure a loan. Are you paying for the house without using a bank?

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@Ragman,

That might need to be listed as a contingency to the offer.

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@roger,

FWIW, I've never had a purchase-and-sale contract without that contingency.

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@Ragman,

I'm not surprised. If I were financing, I would also specify available financing charges not to exceed some certain APR.

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@roger,

same here. In fact, it'd be a narrow range of plus or minus 0.25% or even less.

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buying a house

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