So, here it is New Years Eve and a very unhappy buyer just heard from his mortgage lender that the appraisal on the property he is purchasing came in $50,000 under the selling price! Purchase price $795,000, appraisal $750,000. There is no appraisal contingency in this contract (where the buyer would have the option of asking for a price reduction to the appraisal price, or walking away from the contract if the seller will not do it, or anything in between). So, the scramble is on to find out how this happened, why this happened, and how to make everyone happy (no easy task).
Tune in folks, this one will be interesting!
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