New Construction.....Low Appraisal.......Advice Please
We are building a second home in the Phoenix area. It is a Pulte Home. We originally were going to finance with Pulte Mortagage, but decided to go with our local Credit Union instead. With upgrades and lot premium, the purchase price is $220,000. The appraisal value came in at $203,000. Pulte wanted the appraiser to reevaluate, but he is sticking with his original appraisal. The bank will finance 80% of $203,000. What is the best way to deal with this situation? We do not want to pay more for the house than the appraisal. We are willing to let it go if necessary.
Has anyone else been in a similar situation and what was your outcome? Have you had experience negotiating with Pulte?