Thank you guys. I will wait and see. My Realtor does not think it will be a problem since there are recent sales (past 4 weeks) that are in between my price. I am keeping my figures crossed.
Regards,

Hello Roger,

And congratulations on finding one of the two, maybe three, people who are out there looking for a home for sale! (HA HA!)

Yes, it happens, although I wouldn't call it a common occurrence.

But if it does happen, don't assume that your deal is dead. The lender may approve the loan based on the appraised price, which could leave two options: a) the buyer could come up with the additional funds - but let's be honest, that's not realistic in this market so that leaves you with b) you could attempt to keep your buyer by renegotiating the sale price to one based on the appraised value.

To give you a concrete example of what I mean with the first option, let's pretend the sale price is $300,000 but the appraisal comes in at $290,000 and the buyer is putting down 5% for their loan. They would have the option of paying you the full price out of their pocket and having their financing based on 95% of the $290,000. Like I said, doesn't seem likely that this would be a scenario that would pan out in your favor, since they'd have to come up with $10,000 to cover the shortage between the sale price and the appraised value PLUS the 5% down they need for their loan.

Whatever happens, I would recommend that you either rely on the experience of the agent you are working with (assuming you are) or your attorney.

Like I said, Congratulations and Good Luck!

I have not had a problem in Wheaton.

Jim McMahon
630-510-8800