Quote:
Originally Posted by fe2o3ez
I am set to close on a house purchase in just under 5 weeks, except for one problem. My lender's appraisal came in at $10k below the agreed purchase price.
The seller still insists that we pay the original agreed-upon price.
I now know that it is worth $10k less than I thought\agreed originally, which doesn't change my thoughts on the property, it just changes what I would be able to get from the property if I had to - for whatever reason - turn around and sell in the short term.
What would you do?
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I totally don't see a problem here. To you, the house is worth what YOU are willing to pay for it, not what some appraiser says it is worth. Clearly, you felt it was worth the price you offered or, presumably, you wouldn't have made the offer. The appraisal in no way changes that.
I'm not sure why you are concerned with the potential short-term resale value.
And of course the seller expects you to pay the agreed upon price. That's what "agreed upon" means, isn't it?