Back in April I bought a house that was a complete gut rehab. Had a purchase price of $110,000 agreed upon. First appraisal comes back at $105,000, so I am forced to reduce the price to close. Then I find out a second appraisal is done for rehab homes that are purchased and sold within 120 days, and the second appraisal came back at $116,000. Am I stuck with the $105,000 or can we go back to the original purchase price?
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