Hey there, homeowners and homebuyers! We've got a sizzling topic for you today: what happens when your house doesn't appraise for the sale price? Don't fret, my friends, because we're here to guide you through this unexpected twist in the real estate rollercoaster ride.
Picture this: you've finally found your dream home or decided to sell your cozy nest. The negotiations are going smoothly, and you even manage to agree on a fair sale price. But then, like a sneaky plot twist, the appraisal report arrives, and it's not what you expected. Cue the dramatic music!
So, what actually happens when the house doesn't appraise for the sale price? Fear not, dear readers, for we have a few recommendations up our sleeves to help you navigate this tricky situation with grace and finesse.
- Take a Deep Breath and Stay Calm:
First things first, don't panic! These things happen more often than you might think. It's crucial to maintain your cool and approach the situation with a level head. Keep in mind that an appraisal is just one person's opinion, and there are ways to
What happens if a house doesn t appraise for as much as the offer is?
When the appraised value comes in below the contract price, it limits the amount a lender will finance because they base the loan on the appraisal. A low appraisal might delay or even derail your closing.
What if appraisal is lower than selling price?
If the appraisal comes in lower than the purchase price, your lender will likely decrease the amount you can borrow. So you'll either have to pay more out of pocket or get the seller to lower their asking price.
What happens when the appraisal is higher than sale price?
If A House Is Appraised Higher Than The Purchase Price
It simply means that you've agreed to pay the seller less than the home's market value.
What if the appraisal is 50k lower than the offer?
If you cannot pay more or would prefer not to, you've still got options: Negotiate with the seller for a lower offer price based on the appraised value. Both you and the seller can agree to extend the contract's appraisal contingency clause to allow time for a second appraisal.