These are your options when a home appraises below its sale price.
When a home’s appraised value doesn’t meet the agreed-upon sales price, what can you do? I have some helpful tips to share today.
A low appraisal could just be caused by a clerical error. The market is crazy right now, so the appraiser could have made a mistake because they were rushed. If there isn’t an error, your next course of action is to have your Realtor prepare a rebuttal report, which would include recent comparable sold homes, detailed description of updates, and repairs made to the property since they’ve lived in it. Once you’ve exhausted all other efforts, it’s time to go back to the negotiation table to see what kind of agreement you can come to on the price.
If you want further information on appraisals or real estate in general, don’t hesitate to reach out via phone or email today. I look forward to hearing from you soon.