So, have a 4BR/1B 1484 home under contract for 280,000. Currently using Bank of America for my mortgage. I qualify for their 16,000 grant that goes towards the down payment and closing cost. Suppose to close on October 15th. The home was appraised and the appraisal came back at 245,000. Both agents were appalled as the appraiser used out of date comps and used 2Bed room homes to make his assessment. Yesterday the sellers agent said we should refute the appraisal which we intended to do and that the sellers would give us some time.
Today, they don’t want us to refute the appraisal but order a new one altogether or switch lenders. Switching lenders would make us come 10K more out of pocket. Are they bluffing? I feel like I may have the upper hand. The home sat in the market for a month before I bumped into it and went through a price adjustment (originally they had it up for 299,999 than 285,000) Bank of America would not allow me to order a new appraisal until the old one is reviewed.