The appraisal came in significantly lower than our offer price. Our lender won't finance the difference, and we don't have the extra cash to cover it. We might lose our earnest money.
Description du Problème
Solutions Recommandées
Solutions les plus pertinentes
10 solutionsEscalate Through Agents
If direct communication is not productive, the real estate agents involved should work together to facilitate a resolution.
Direct Communication with New Seller
Encourage the seller to have open and direct communication with the seller of their new home to understand their situation and find common ground.
Legal Counsel Review
If the title issues are complex, the seller may need to engage legal counsel to navigate the resolution process.
Title Company Engagement
The seller should work closely with their title company to understand the specific title or survey issues and the steps required for resolution.
Waive Contingencies (with caution)
If feasible and the seller is comfortable with the risks, they might consider waiving certain contingencies, though this should be done with careful consideration.
Negotiate Repairs/Credits
The seller needs to actively negotiate with the seller of their new home to resolve inspection or appraisal issues promptly, potentially through repairs or credits.
Alternative Financing Exploration
If the current lender is the bottleneck, the seller might need to explore alternative lenders or bridge financing options.
Lender Communication
Advise the seller to immediately contact their lender to understand the exact nature of the financing delay and explore expedited options.
Suggest Direct Buyer Communication (if appropriate)
If feasible and appropriate, suggest a brief direct communication with the buyer to expedite their input.
Inquire About Buyer's Status
Gently ask the agent if there are any buyer-side delays that are contributing to the communication lag.
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Questions Fréquemment Posées
Questions courantes liées à ce problème et à ses solutions.
What specific issues were identified in the inspection report?
What is the specific reason for the delays in the seller's new home purchase?
What specific types of information are you having trouble obtaining from the buyer's agent?
Can you describe the size, width, and depth of the new cracks?
When were these insurance claims filed, and what was the nature of the water damage in each instance?
What specific appliance (e.g., HVAC, water heater, refrigerator) has broken down?
What does your purchase agreement or sales contract explicitly state regarding included fixtures and appliances?
What is the current agreed-upon closing date?
What is the specific age of the property?
When was the original quote provided, and by whom?
Sessions de Diagnostic Démo
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Causes Identifiées
Overvalued Offer Price
75%The offer price was set too high relative to the current market conditions or the property's actual condition, leading to an appraisal that reflects a more realistic valuation.
Lender's Strict LTV Requirements
60%The lender has a strict loan-to-value (LTV) ratio requirement that cannot be met with the current appraised value and the buyer's available down payment.
Appraisal Discrepancies
50%The appraisal may contain errors, such as incorrect comparable sales (comps), miscalculations, or overlooking key property features, resulting in an artificially low valuation.
Market Downturn or Specific Property Issues
40%The local real estate market may have experienced a recent downturn, or the property itself might have significant issues that were not fully accounted for during the offer process, leading to a lower appraisal.
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