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#465321 - 07/02/19 02:58 AM Appraisal Dispute and questions
Trf Offline
Junior Member

Registered: 07/02/19
Posts: 1
Loc: MI
I am the seller, the home is in Michigan. The issue we have is we had a previous buyer, (walked away changed his mind), in that transaction we had an appraisal at full price. We quickly went back under contract at full price. ($325k) The new buyers lender appraised the home $25k under the contract price. The buyer is putting down a large sum, 43% down, the contract does does not contain a clause that the PA is contingent upon an appraisal. Why would the lender not approve this mortgage? LTV is good even after, buyer has good credit, etc.
With no contingency in the contact, is the buyer obligated?
With the old appraisal, can I use this to dispute the prior?

Thanks in advance.

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#465325 - 07/02/19 11:55 AM Re: Appraisal Dispute and questions [Re: Trf]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2404
Loc: Outer Banks
The lender can only approve the loan at a new LTV if the buyer agrees to it. The buyer is trying to put the squeeze on you by acting like they can't get the loan.

The rest of your questions depend on the contract and can only be answered by an attorney.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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