Wed, 12 / 2020 6:16 am |

When I refinanced a couple of years ago the initial appraisal came back a couple of grand short of what would have made the load 80% of value. I left messages with the lender asking how far out the appraiser went to look for comps, could we appeal if necessary. There are a few things you can do. Different appraisers may use different comparable sales to derive their value. And miraculously the new appraisal came in at $280,000. Seems to me that when the appraisal comes in at the purchase price, you have a lazy appraiser. When asked, they appraisal company added another comparable to the report that shifted the appraisal value up slightly. Going back to the example provided earlier, who covers the $10,000 discrepancy between your offer of $390,000 and the appraisal of $380,000? We just had an appraisal come back today on a house for $89k that we have under contract for $75k. While it’s always great for the property appraisal to come back higher than the amount you agreed to buy it for, this is no way affects the loan amount you need to qualify for, or the down payment you need to close on the mortgage loan. The lender took it upon himself to ask for a new appraisal, uploaded the counter of $275,000. The appraisal has come around 4.5% lower than I had expected. You may want to evaluate the data and other logistics used for how the appraised value was determined. Below are some of the options for handling this scenario: The buyer can make up the difference. However, they have not actually asked us for anything yet, such as to lower the purchase price to the appraised price. However, buyers should be aware of contingency deadlines. Stinson estimates that when an appraisal comes back low, he is able to find a solution and complete the transaction about 75% of the time. For instance, a 10-day appraisal deadline means that the appraisal must … See below: Another option when an appraisal comes back low is to rebut the value. If your home appraisal comes in lower than anticipated, it could wreck your chances of closing on a new mortgage or getting to refinance. Remember, an appraisal is an opinion of value. Cautious seems more appropriate. The appraiser came on Dec 7 and we hadn't heard anything, so we figured it was fine. Either way, about half the time when an appraisal comes in lower than the price in the contract, the price is negotiated down with the seller and the sale closes at the lower renegotiated price. The appraisal came back at $264,000. 1. The good news is that a low appraisal doesn’t have to be a deal killer. We just got a note last night that the appraisal came back low by $2000 (Contract price $237,500). Toggle Navigation (800) 251-9080 (800) 251-9080 Distressed properties should sell for less than appraisal value. Here's what you can do if that happens. Both conventional and unconventional mortgage products offer similar requirements. Dispute the Appraisal. Even if your appraisal comes in lower than what your house is listed for on the market, there are still a few ways to salvage the sale. If the appraisal comes in low and all else fails, a buyer can cancel the transaction and receive back their earnest money deposit. Also in this particular study, when an appraisal came in low the odds of the contract not closing (within 90 days) increased almost 10 percentage points. A low appraisal is bad news because the lender will only provide a loan up to the appraised value, overriding your agreed-upon purchase price. Lazy seems a little harsh. Dec 7 and we had n't heard anything, so we figured it was fine conventional and unconventional products. New appraisal, uploaded the counter of $ 275,000 that the appraisal came back low by 2000... 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