Soooo we’re 20 something days into a 30 day or less escrow. We should be closing before next Monday. I just got a call from our realtor that the appraisal value came in $5,000 under the asking price for the house. Our offer was for $5.000 over the asking price. So if we leave the closing price on the house the same as our original offer we’d have to come up with the $10,000 difference in cash. That’s not an option for us (since it would be in addition to the loan downpayment/closing costs) so our real estate agent advised us to submit a revisal to our offer, dropping the closing price to the appraisal value.

He said all of this as if it was great news and seemed like he just automatically expects the seller to accept the change. He said that it would be in their best interest since they already paid for inspections and repairs during this escrow process. If they reject the revision they’d have to place the house on the market again, go through all of this a second time, etc.

Has this happened to anyone before? How did it turn out? I’m really nervous!