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I am trying to purchase a new custom build home with 3% down. My problem is the appraised value of this home does not come up to the asking price. The builder is refusing to return my deposit, and holding me to the deal. Which of course mean that I have to come up with more downpayment which I am not willing to do OR lose my 3%. HOWEVER, the builder has had to reduce the remainer homes by $80k because of the appraisal problem. HOWEVER he will not extend this to me which would allow my appraisal to be in line with the $80k reduction.rnAs it stand now, I am going to lose my 3% and he will reduce this house by $80k to the next buyer. Can anything be done?
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