Options for making up the difference in offer and appraisal value?

Apologies if this seems a bit of a dumb question, my wife and I are first time homebuyers. We’ve found a house that we’re absolutely in love with, but their asking price is $75,000 above Zillow’s estimate for the house ($575,000 versus asking price of $650,000). Obviously we’re taking this with a grain of salt since it’s not an official estimate, but with that gap we’re worried about what that means for the purchase.

We qualify for a VA loan and have been pre-approved for a million dollars. We both make very good money right now, and can easily afford the PITI for a $650,000 mortgage. Our problem is that we only have about $50,000 in savings (which we obviously don’t want to use up) right now. If the actual estimate winds up being close to the Zillow estimate, are there any avenues we can take to go through with the purchase anyways?

submitted by /u/florvas
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Apologies if this seems a bit of a dumb question, my wife and I are first time homebuyers. We’ve found a house that we’re absolutely in love with, but their asking price is $75,000 above Zillow’s estimate for the house ($575,000 versus asking price of $650,000). Obviously we’re taking this with a grain of salt since it’s not an official estimate, but with that gap we’re worried about what that means for the purchase. We qualify for a VA loan and have been pre-approved for a million dollars. We both make very good money right now, and can easily afford the PITI for a $650,000 mortgage. Our problem is that we only have about $50,000 in savings (which we obviously don’t want to use up) right now. If the actual estimate winds up being close to the Zillow estimate, are there any avenues we can take to go through with the purchase anyways? submitted by /u/florvas [link] [comments]

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