Q: the appraisal came in lower than what the builder wants, they refuse to lower the price. they said they would refund my
deposit but wont say when. i live in an apartment, had to break my lease, now i have no where to live and no money to find a place. is there anything i can do to have them refund my deposit quicker. and i had to pay pay for the appraisal fee then when close i would get the money back for the appraisal, they refuse to pay that back to me so there is 450.00 im out, and the builder used there realtor to break my lease and they paid the fee for breaking the lease. now since im not closing on that house they want me to pay them 2800.00 fee back for breaking the lease. none of this would have happened if only the builder would sell the house for what it appraised for. he said he thinks it is worth more and will not come down it price. so the bank wont lend me the money now due to the appraisal lower than what he wants. what can i do about this problem.
A: I would sit down with the builder and the appraiser for the purpose of determining if the appraiser made a mistake. If the builder cannot persuade the appraiser, perhaps the builder will see that he is off-base. Does the contract say anything about what is to be done if the appraisal is lower than expected? Because it may be that in that situation the builder may be required to sell at the appraised value.
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