FHA PFS appraised value is $130k. Buyer is working through his financing and the lender appraisal is only for $124k (conventional loan). He obviously doesn't want to pay more than appraised value and our standard state purchase agreement has an appraisal continency. Has anyone ran into this and how was it handled? All suggestions welcomed!
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Send a copy of the buyers recent appraisal to your Negotiator..its really the only method to defeat the inflated FHA Appraisal. Good Luck!
Seth
If the buyer can give you a copy of the appraisal, submit over to the lender and have them submit a variance request to HUD. I feel like this process is a gray area depending on the lender but that has worked for us in the past.