Expert: Dick Dennis - 1/25/2012

Question
What if you have Land Contract and it is time to refinance but the property will not appraise for the sold price?

Answer
Then you go back to the seller and renegotiate your purchase price, SV. But be sure you have all the ammunition with you. That is you should have all the evidence and comparables there are to show why you should be paying a lesser purchase price.

The seller is no different than the banks when they are asked to lower the unpaid balance of the mortgages the banks hold. If the seller (remember that the property is still in his name) will not negotiate a better and more reasonable price with which you are to refinance, then you simply walk away. The seller most probably will not report your walking away to the credit services, therefore not screwing up your credit. You just go look for a better deal elsewhere. And there are plenty of them around, especially if you credit is good. I do wish you well.

Dick Dennis
California Broker
License #00349415
dixiedee13@aol.com