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Old 10-09-2009, 09:46 PM
 
Location: The Conterminous United States
22,584 posts, read 54,294,239 times
Reputation: 13615

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Just noticed that you posted in the North Carolina forum by accident. Well, I don't have a Florida license, either.

Still, can't understand how they could have accepted if it was appraised under what you offered. How will you get a mortgage for that amount? Are you paying in cash?
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Old 10-10-2009, 08:16 AM
 
Location: Florida Space Coast
2,356 posts, read 5,093,244 times
Reputation: 1572
You had a contract. But your contract was for $100k. It was you that are technically backing out of the contract because you are unable to secure the financing needed to complete the sale at the agreed price. If they send you an addemdum agreeing to a lower sales price than contract is back on, and they will do an extension of closing dates. It sounds like the bank at this point is dragging their feet to see if they can get a better cash offer. If they do this you are out any inspection fees or any other fees. You will get you earnest money back as long as your initial contract said contigent upon finding financing and you get a rejection letter from your lender. Just request it back in writing when contract expires. Hopefully they don't get another buyer and come down. It really sounds the appraiser did a good job and is saving you $20k, losing the inspection sounds like a good trade off.
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Old 10-10-2009, 09:10 AM
 
Location: The Conterminous United States
22,584 posts, read 54,294,239 times
Reputation: 13615
Quote:
Originally Posted by nhkev View Post
You had a contract. But your contract was for $100k. It was you that are technically backing out of the contract because you are unable to secure the financing needed to complete the sale at the agreed price. If they send you an addemdum agreeing to a lower sales price than contract is back on, and they will do an extension of closing dates. It sounds like the bank at this point is dragging their feet to see if they can get a better cash offer. If they do this you are out any inspection fees or any other fees. You will get you earnest money back as long as your initial contract said contigent upon finding financing and you get a rejection letter from your lender. Just request it back in writing when contract expires. Hopefully they don't get another buyer and come down. It really sounds the appraiser did a good job and is saving you $20k, losing the inspection sounds like a good trade off.
And most offers have that contingent in there. But, that's what it comes down to.

We're missing info, though. I can't imagine they had a conversation with the agent about MLS and didn't discuss the earnest money.

Once again, no one wants to be paying higher than appraisal.
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Old 11-01-2009, 07:42 AM
 
320 posts, read 1,130,246 times
Reputation: 118
UPDATE:

We closed on the house! We signed the papers on Thursday and moved in over the past couple of days. They did end up coming down to the appraisal price. My fiance and I couldn't be happier!

We now have what seems like a million and one service people coming out this week to get things "ready" for us such as water system people, bug people, cable people, AC service people, etc.
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Old 11-01-2009, 01:29 PM
 
206 posts, read 449,818 times
Reputation: 80
I think you can't get any money back for the inspection or appraisal. Lots of people have a home inspection and then don't buy the house.

If the seller just decided to take it off the market after you had the inspection done in good faith that the house was for sale you may have a chance of having the seller reimburse you, but otherwise not.

I would imagine the same goes for the appraisal.

Last edited by Ruby24; 11-01-2009 at 01:30 PM.. Reason: grammar
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Old 11-01-2009, 04:19 PM
 
Location: Florida Space Coast
2,356 posts, read 5,093,244 times
Reputation: 1572
Quote:
Originally Posted by Chicken Wing View Post
UPDATE:

We closed on the house! We signed the papers on Thursday and moved in over the past couple of days. They did end up coming down to the appraisal price. My fiance and I couldn't be happier!

We now have what seems like a million and one service people coming out this week to get things "ready" for us such as water system people, bug people, cable people, AC service people, etc.

congrats on the house.
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Old 11-02-2009, 05:39 PM
 
206 posts, read 449,818 times
Reputation: 80
Quote:
Originally Posted by Chicken Wing View Post
UPDATE:

We closed on the house! We signed the papers on Thursday and moved in over the past couple of days. They did end up coming down to the appraisal price. My fiance and I couldn't be happier!

We now have what seems like a million and one service people coming out this week to get things "ready" for us such as water system people, bug people, cable people, AC service people, etc.
Good luck to youl I'm going thru the same process.

A lot of stuff to do and people to see. Hectic but exciting too.
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