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Hello,
I am 5 months into a short sale and have approval letter for 220k from Wells Fargo and closing date of Feb. 22. While getting financing to buy the house, the appraisal from our bank came in low at 205k. My lawyer has submitted an addendum with the 205k as the sales price and attached the Uniform Appraisal.
Do you think Wells will negotiate at this point? We are hoping to still get the house.
Unfortunately, we have started making moving plans as the closing was less than a month away.
Thanks for any advice from people with experience in this area.
They typically go hand in hand. If you can't get financing due to the appraisal, then you should have an out. It sounds like your market has gone down since you made the offer. Likely the bank will send out someone to do a new price opinion, then decide whether to accept your lower offer.
Back to what I always say...ask your agent and read the contract carefully.
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