What to do when your home appraisal falls short as the housing market cools

The red-hot housing market over the last several months pushed many buyers fighting through bidding wars to put in unconditional offers at high prices.

“In the last couple of years, but especially in the last couple of months, I've had a few different clients that have dealt with this situation,” she told CTV's Your Morning on Friday. “Unfortunately, there are very few options when you've purchased a property with no conditions and no financing conditions.”

In some cases, especially when the down payment from the buy is 50 per cent more, Sialtsis says the lender may just move forward with the mortgage based on the original price of the home, even if the appraisal is a lot lower.Another option may be to get a second mortgage from a private or alternative lender. But if no other option works, buyers can try and negotiate a mutual release, which usually means forfeiting the deposit.

Sialtsis warns that putting in offers without any financing conditions puts buyers at a huge risk, as the buyer is legally bound to close the deal regardless of whether they’re able to get a sufficient mortgage.

HODL lol

Stop making ridiculous offers on houses

suck it up and deal with it.. what else you going to do..

Get over it and move on? They are still making a profit on it.

let it burn. house prices are GROSSLY overvalued to make banks, developers and those professional door openers with gender studies degrees rich.

Pay less taxes?

Put your seat belt on

& the cry babies who wont wait their turn like we did cdnpoli cdnmedia RealEstate

Thanks to JustinTrudeau bankofcanada there goes our property values. To all those who purchased a new build eg downsizers & have faced delays due to everything the govt is going to screw you over. All in the name of fixing his mistake of printing $ ..

Just going to throw this out there, the ridiculous gouging of house prices is ending. If you didn't make a bunch of unearned money, oh well. Back to a buyers market I say.

Uh, don't expect to get more than the market price? These people think that they're the first ever to lose on a real estate deal? Next, real estate agents will be complaining that with the less awesome market, they actually have to work to sell houses.

The housing market is not cooling...

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La source: nationalpost - 🏆 10. / 80 Lire la suite »