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If the appraisal comes in low and all else fails, a buyer can cancel the transaction and receive back their earnest money deposit. However, buyers should be aware of contingency deadlines. For instance, a 10-day appraisal deadline means that the appraisal must be performed within 10 days after the contract ratification date.
An appraisal that comes in lower is a perfect opportunity to renegotiate the purchase price. Also, if you are getting a loan, most lenders won’t approve a loan that is higher than the appraised price." -Zillow advice user blub blub blub, February 02 2013 "Use your appraisal contingency to renegotiate or walk.
If a home appraisal comes back low after your real estate client thinks he or she has found the one, it doesn’t have to mean the deal is dead. Use these tips from seasoned real estate pros on what to do depending on the situation.
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· So if your appraisal comes back lower than you had hoped, do some research with your agent and look into filing a challenge to the appraisal. While it doesn’t always work, if you have valid new information to provide to the appraiser, they may in fact agree to increase the appraisal.
Dispute the Appraisal. Another option when an appraisal comes back low is to rebut the value. You may want to evaluate the data and other logistics used for how the appraised value was determined. Remember, an appraisal is an opinion of value. Different appraisers may use different comparable sales to derive their value.
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If your appraisal comes in too low, that’s when things get a little tricky. If the seller agrees that the appraisal is fair, they may be open to negotiating a lower price. Whatever your interest, it’s important to know what to do if the appraisal comes in lower-or higher-than you had expected.
An appraisal that comes in lower is a perfect opportunity to renegotiate the purchase price. Also, if you are getting a loan, most lenders won’t approve a loan that is higher than the appraised price." -Zillow Advice user blub blub blub, February 02 2013 "Use your appraisal contingency to renegotiate or walk.