Appraisal came in 27k under purchase price, will I ... - Zillow Real ...

First of all, if you have not removed your appraisal contingency, and you cancel due to the appraisal, then you will get your earnest money back (assuming it's sitting in the escrow account and you haven't already released it to the seller). You should not worry about the deposit.

It sounds like you and your agent were banking on the fact that the appraisal was going to come in lower than your offer and you could get the property for less. (The difference between $210k and $185k is way more than $7,500.) If the seller gives you a Notice to Perform, you will just have to walk away from the property unless you are willing and able to come up with more money out of pocket.

However, if the seller is rebutting the appraisal, I think there is a good chance they will?hold off on the Notice to Perform. They clearly want to make the deal happen and wouldn't cancel while they are trying to make the numbers work. If you want to hang in there, you can wait until they get a new appraisal or issue the?Notice to Perform.

Chances are, in this market, they have other buyers waiting in the wings. So you unfortunately don't have much leverage (with one caveat - if the other buyers have FHA financing also, then the sellers are stuck with these appraisals for 6 months and they may be more willing to make a deal with you.)?. I know it sucks to fall in love with a home and then not have it work out, but it?happens.?You may?just need to move on. Best of luck.

Source: http://www.zillow.com/advice-thread/Appraisal-came-in-27k-under-purchase-price-will-I-be-forced-to-cancel/497316/

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