If a house appraised for less than the offer in North Carolina, does the seller have to sell it at the appraised amount?
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If a house appraised for less than the offer in North Carolina, does the seller have to sell it at the appraised amount?
My step daughter is trying to buy a
house in North Carolina. I live in Mass.
He real estate agent told her the in the
house she put a offer in on comes back
appraised less than the offer amount,
than the seller has to sell it at the
appraised amount. That does not sound
correct to me. Also how move in ready
does a house have to be with a FHA loan?
Asked on February 19, 2019 under Real Estate Law, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, that is not correct, unfortunately: if the amount appraises for less, the seller may CHOOSE to sell it for less, in order to ensure that the seller can get financing and the sale go through, but he doesn't have to--we can hold firm at the price and refuse to sell.
The home, for FHA, must be move in ready: no requiring construction to make it legal (e.g. code) or safe or healthy for someone to live there. Paint can be old, but not peeling; bathrooms can have old fixture and need updating, but must work; etc.
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