Did you know that you may be able to completely qualify for a mortgage yet still not be able to get the mortgage for the house that you really want?
And it?s getting worse now.
The house must also qualify under an appraisal. The appraiser will take comparable properties in the area and analyze their sold data to come up with a value for the house that you want to buy. The value of the house must be at least as much or more than you are contracted to pay for the house or the bank will deny the loan.
You can negotiate with the seller and see if they are willing to reduce the price. They may or may not, of course, depending upon their own situation.
You have to qualify for the mortgage and the house also must qualify for the mortgage.