Buying a home -appraisal?
We signed a contract to buy a condo in NJ; the home was listed for 278K, our offer 235K, seller got an appraisal done for 270K and offered a 255K price. We offered 242 (since the condo looked well maintained) and she took it. Now we are 2 weeks away from closing – we just had the home inspection done – the centralized AC is at its life expectancy and could not be tested due to outside weather conditions – so there is no guarantee on that. Seller wudn’t agree to hold a escrow of 5K until it was tested. We were not sure if we should walk away after investing time, energy and money into it. We thought the appraisal may be at least 10K more than what we are paying and were close to agreeing we would close. I just got a (bomb) email from the mortgage co saying the condo appraised for 245K. Now we are ready to seriously walk away – for more reasons. I am thinking either she pays for the installation of a new AC or the deal is over…is this fair – esp in this buyers market..any thoughts?thx
duhhh… The seller asked for a high appraisal, hoping your bank would go for it. (But you do know that banks “fix” their appraisal based on what the agreed-upon price is, don’t you? The “bomb” should have been expected.)
I would simply counter-offer with your original 5K escrow and let your agent know you ABSOLUTELY will not budge on it, though you might consider accepting a 4K amount. If they insist on no escrow, cut the offer by 4K.
And don’t forget to be absolutely clear how the escrow will be released, in what amount and on what basis.
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