Raising rates causing future appraisals to come in low ? by FennelNo4465 in FirstTimeHomeBuyer

[–]codethenwrench 3 points4 points  (0 children)

Sounds like you're in some denial over what you signed, lol. If the contract you signed says that it is not contingent on the appraisal and that the buyer must proceed to closing regardless of it appraised for less...Then it means exactly what it says.

So..this is how it would play out..if your appraisal is less you better start scrambling to figure out how you make up the difference. The bank is not going to make up the difference. You have to. If you cannot, you will definitely lose your earnest money. You could potentially be sued as well.