Accepted a purchase agreement on a 300k condo in Long Beach, CA – all of my lenders said they wouldn’t need an appraisal since I am able to get to 20% down. I did offer 15k over asking, which I had somewhat felt was competitive but also close to my estimate of market value.
My question is, if I decide to purchase an appraiser from my lender for $550, and it appraises at 295k —- can I potentially put up $550 for a possible $5k negotiated down to 295k with the seller? Obviously if it appraises at 305k I’ll just be out the $550.
Here is the listing if any of you can give your online appraisal on it and any advice here would help greatly!