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      03-26-2020, 10:46 AM   #80
hooligan_G01
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Quote:
Originally Posted by Kolyan2k View Post
Guy comes, does assessment of house value for bank, if house is assessed less then selling price you have 3 options, Buy, Back out, or Seller can reduce the price by amount you agree on. My realtor said it's a standard practice, you will know the price of the house and you can potentially get a discount from seller. Other realtor didnt want any of those games where sale can lead to dead end, that's why she wanted waiver on this signed
Ah, gotcha. We call that an appraisal here.

Makes sense, especially if you think the house won't appraise for the sale price - depending on your down payment you could end up with PMI added to your loan if it doesn't appraise at the "right" number.
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