Thanks Ironhorse, phew... finally got straightened out at the 11th hour. All of the madness I speak of is because the selling agent is a complete rookie. I swear this was her 1st deal - she didn't have documentation ready to go and quite frankly gave her client terrible advice. Luckily I had my own agent.
We split the difference between the appraisal value and the original purchase price to get the deal done, and we'll scrape up the cash for the difference. While no one likes to hear they paid over what an "expert" says it's worth, the location of this place is outstanding, and I don't think they truly took that into account. Hopefully at current price escalation that premium we paid gets caught up in a few months.
Ironhorse, that's a great thing to do - specify it's mortgage appraisal no financing approval - less offensive. The only thing I can think of is that on the sale agreement it gets written on it gets lumped into a box broadly marked "financing condition" which may freak out inexperienced agents.
I cringe when I think about the bind some people may get into when they waive all conditions..... I could have just walked away but I see a lot of deposits being lost this way....
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