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Valuation of agricultural land?

Can i ask for a better price on my land after the valuation came lower than expected?

  • I have signed a contract to buy a land and paid 10% of it, but the bank came with a valuation of $30 grand lower. Should i or can I ask for a better price from the vendor?

  • Answer:

    well they wont give u all the money u need to buy it cause they think its too much money so the seller/vendor has to lower the price or give u back ur deposit. U agree to buy for 100,000 and put down 10,000. The bank says its worth 70,000 (for example) so they wont lend u more than the price they put it for and ur deposit which is 60,000 from the bank and 10,000 from you. The seller will probably want to lower the price or if u really want it go get another appraisal and if its higher than go to another bank maybe their appraisal will be higher.

ion moneda at Yahoo! Answers Visit the source

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Other answers

Banks are very conservative with their valuations. You could try to negotiate $10K off but any more would be pushing it. It really depends how much you want the property. People pay what the market is demanding regardless of what a bank valuation says.

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