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Wait for the results of the lender’s appraisal of the property – The lender will appraise the property to be sure that they may be able to recover the loss in case you default on your payments in the future. If their appraisal just isn’t favorable for you (the amount is lower than you anticipated), they could need you to pay for the distinction to cover for their potential loss. You can contest their appraisal and ask for a second appraisal but if they nonetheless won’t budge, you may have to cancel the acquisition contract. Have the home inspected to see if there are any other issues with it.
Unfortunately, these days you possibly can’t trust what individuals tell you. One of an important issues I tell different investors is “don’t trust anyone. This is your corporation and also you should be responsible for it.” People …