Sabertooth
Footballguy
I bought a house to flip for $70k. My appraisal came back lower than I had anticipated at $84k. I thought it would be near $100. I bought it anyway.
I had a buyer lined up within a week. He is buying for $84k. As he works through his financing he needed his own appraisal. His includes a garage he is putting up for $25k.
Closing is set for May 25. He got the appraisal back yesterday and it came in at $174k. And he told me right away. I felt like I got kicked in the bag.
Do I have any recourse on my appraiser? I believe that before I bought it, it was appraised at $135900 based on initial sales price. But I don't have a copy of that appraisal.
Whats my play here? Also he isn't going to be able to close on time and will be asking me for an extension. So if I want to walk, while I'd feel like a ####, I could legally do so.
I had a buyer lined up within a week. He is buying for $84k. As he works through his financing he needed his own appraisal. His includes a garage he is putting up for $25k.
Closing is set for May 25. He got the appraisal back yesterday and it came in at $174k. And he told me right away. I felt like I got kicked in the bag.
Do I have any recourse on my appraiser? I believe that before I bought it, it was appraised at $135900 based on initial sales price. But I don't have a copy of that appraisal.
Whats my play here? Also he isn't going to be able to close on time and will be asking me for an extension. So if I want to walk, while I'd feel like a ####, I could legally do so.
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