When purchasing a home, your mortgage lender will almost always order an appraisal to verify the property’s worth. The appraisal is to ensure that all parties involved are paying a fair price for the house. Specifically, they want to ensure that they can recoup their investment if you default on the loan.
No matter the market, there is always a risk that an appraisal will come in low. But this doesn’t always mean the end of a deal. In fact, there are plenty of actions you can take if an appraisal comes back short.
You have a few options:
- Appeal it, i'll work with you to provide the comps and support the price
- Request a second appraisal if you believe there is an error with the initial report
- Negotiate purchase price with sellers
- Come to the table with the difference in cash.
If you want an agent who is not afraid to speak up and advocate on your behalf and help you understand the current market and run the number to help ensure the best financial decision reach out to me your Generational Wealth Building Realtor today for a consultation.
