L/O Emergancy!
Yesterday, everything was going so well. My buyer had signed and deposited 500 earnest money and I notified my seller that I was excercising my option to buy and I had a client that was ready to move in.
By the way: I'm doing a sandwich deal - l/o ing from the seller for 70k, my buyers agreed to 87,500 and all their credit was approved 100% financing including closing costs. My apprasial was bumbled and came in at 80k so now i'm in a pinch. I have orderd a new appraisal as I belive that the house can do much better but as is, after closing costs I would only walk with 3500 - I spent 2500 to get the house ready to sell! Yesterday I was going to make 17,500! if the appraisal came in at 92k what can i do here?
P.S. I thought I had the closing process for this figured out but my mortgage broker said that either my seller has to sell directly to the buyer or I would have to buy first then turn around and sell again to my buyer and that would cost me twice and take another day. If I assign the contract to buy for xxx dollars than my buyers will know what I am making. How do I do this?
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