Big thing to remember in hot markets (assume you won a bidding war) the seller may have no incentive to come down If another buyer is willing to match. You either have the means to bridge the difference and want the place or you don’t and you pull out. Before deciding check the terms of your escrow, many are non-contingent on appraisal.
We ended up paying the difference, but were able to negotiate $20k off the purchase price. Luckily we had the money so it made it an easier decision. We knew there were many back up offers constantly calling the sellers broker to check in so we didn't have much wiggle room to negotiate.
Happens all the time. In this market though if it’s hot home the seller will expect you to make up the difference or at least some of it. All depends on what you are willing to do. If you won’t pay over someone else likely will
Asked the realtor to relist at the sale price as sale pending. Then go to a diff bank and appraise.
We walked away. We have several friends who paid the difference. Just depends on how much you want it.
Big thing to remember in hot markets (assume you won a bidding war) the seller may have no incentive to come down If another buyer is willing to match. You either have the means to bridge the difference and want the place or you don’t and you pull out. Before deciding check the terms of your escrow, many are non-contingent on appraisal.
Book it to goodwill 🧐
Subject Expert
We ended up paying the difference, but were able to negotiate $20k off the purchase price. Luckily we had the money so it made it an easier decision. We knew there were many back up offers constantly calling the sellers broker to check in so we didn't have much wiggle room to negotiate.
Community Builder
Happens all the time. In this market though if it’s hot home the seller will expect you to make up the difference or at least some of it. All depends on what you are willing to do. If you won’t pay over someone else likely will
If you badly need it, negotiate some discount. If you are okay let it go, walk away ans do not look back.