Interested Buyer
Yes. With FHA you have an Amendatory Clause which states that if the appraisal comes in lower than the asking price, either the seller has to reduce that asking price or the buyer makes up the difference btw the two. If the seller and buyer are unwilling or able to do this, than both have the right terminate the contract. In that case, the seller gets his property back and you get your EMD back. Although CONV financing does not have this written safeguard, it usually works out that anyway.... more