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If the appraisal comes in low and does not require a reconsideration of value, the borrower is free to negotiate with the seller to get a price closer to the appraised value of the property. You can negotiate with the seller and see if there is any flexibility along those lines.
“A lot of this comes from low inventory and sellers being cautious of their own buying to replace what they have sold” said.
All these variables leave plenty of room for an appraisal to come in low. For instance, if the market moves faster than normal, comparative sales, or comps, often don’t keep pace with present prices. That also goes for a sluggish market, where a lack of quality comps make it tricky to nail down the property’s market value.
Fortunately, a low appraisal isn’t the end of the world. The appraised value is what the mortgage lender is concerned with as it protects the bank in the event you default on your loan. They don’t care what you’re willing to pay for the home, rather what its market value is.
Always talk with your loan officer about their policies and be sure to get this agreement in writing, in case the appraisal comes in lower than expected.
What if my appraisal comes in low? How does the appraisal process work? What happens if there are appraiser required repairs? How long.
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· Low appraisals are a common side effect of a seller’s market. But a lower than expected appraisal doesn’t mean it’s the end of the world.
About the author: The above Real Estate information on the how to challenge a low real estate appraisal on my home was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.
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