So the bank valuation on the townhouse came in and it was $40K under our agreed purchase price. What this means is that the bank won't loan us enough to be able to purchase the property.
We tried renegotiating with the seller but he wouldn't budge. We needed him to come down 15-20K. We have rescinded our offer and he has relisted the property and will see how he goes.
I have a very smaller glimmer of hope that he won't find anyone willing to pay that amount and will come back to us and accept our offer.
Meanwhile we are house hunting again.
And I am just... devastated..
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