With everything else going on in the housing market, I have personally come across a situation and heard from other Real estate agents that the house did not appraise for the agreed price and all the work upto that point will be washed away.
What are the options? As far as I know:
a) Buyer brings in the difference money (if he has it) in the appraised value to the price he/she is paying,
b) Seller gives a discount to the settled price,
c) The Buyer pays a PMI (private mortgage insurance) to the difference and gets the loan(if he can).
Please come up with suggestions that you know for the benefit of others.
Thank You.
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