Here’s what to do when an appraisal is lower than the contract price.
What do you do if the appraised value doesn’t match your contract price? Does this kill the deal? I get asked these questions a lot, especially in this hot market with many homes selling for above their listing price. It’s a legitimate concern, and it’s something I deal with all the time.
First of all, it’s possible for you to get the appraised value adjusted. Remember that adjusters are very busy; the difference might just be a simple typo. If human error isn’t to blame and you still disagree with the findings, your Realtor can prepare a rebuttal to get that value adjusted. They will need good comparable sales and a complete list of any updates or upgrades to the home. This can be a difficult and complicated process, but it’s not impossible.
If your Realtor and lender have exhausted all other possibilities, It’s time to go back to the negotiations and see what can be done to keep the deal together. This might mean a different sales price, the buyer providing additional funds, or a combination of both.
If you have any additional questions about appraisals or real estate in general, feel free to reach out to me. I am always available to help with any of your real estate needs.
