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    Maribel33's Avatar
    Maribel33 Posts: 11, Reputation: 1
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    #1

    May 11, 2012, 07:14 PM
    Real estate
    I was wondering if a house is valued at less than what it's selling for , does the seller have to lower the price ?
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    May 11, 2012, 07:16 PM
    Quote Originally Posted by Maribel33 View Post
    I was wondering if a house is valued at less than what it's selling for , does the seller have to lower the price ?
    The seller doesn't HAVE to do anything... except what is required by law. But they certainly DON'T have to lower the price.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    May 11, 2012, 07:17 PM
    No, a seller may demand any price they want, the buyer does not have to buy it.

    Today many houses are valid less than the loans. But if a house is valid for less, the buyer can ask the seller to lower the price but there is no requirement to lower it. You can only get loans based on the value so you will be paying more out of your pocket for it.

    This is the reason many houses don't sell. Also in some areas, houses still go on a bidding war, where they sell for more than the seller is asking for.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #4

    May 11, 2012, 08:31 PM
    If there is a contract and it is conditioned on the buyer getting a mortgage loan, if the property appraises for less than the purchase price the lender is not going to issue a commitment for a mortgage. So the buyer will have the right to get out of the contract.

    If the seller really wants to sell the property then they'll have to lower the price to the appraised value so that the buyer can get a mortgage. The seller is not required by law to lower the price but they'll have to do it if they want to get the property sold.
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