Quote:
Originally Posted by Kolyan2k
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
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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.