Quote:
Originally Posted by bizaro86
This happened to me on my house, we put up the extra money. It does contribute to the principal, since your mortgage will be lower than it would have been otherwise. I would take it as an opportunity to re-evaluate. When it happened to me I was confident the house was worth what I paid, and that the appraiser was wrong.
Also, you may have the option of getting another appraisal done, or going with a different bank who would want their own appraisal. If your banker/mortgage person pushes back on another appraisal, tell them you're not doing the deal with them otherwise. Then follow through and get different financing if they don't bend. Of course, the new appraisal could come in the same or lower, depends how confident you are in your valuation.
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Thanks everybody. I'm kinda leaning towards the opposite of the bolded. My gut feeling is that we may have overpaid a tad, but because we were in uncharted territory regarding the valuation the agreed upon price was acceptable to us. I kind of think the value is more in line with what the appraiser thinks.
My realtor used to be an appraiser, this is kinda his thinking as well. I think it'll come down to who is more motivated to get it done. I for one know that I don't just have a wad of that much cash laying around.