Real Estate Diva's Q & A: Appraisals
Posted 03-01-2017 at 04:05 PM by DIVA Brenda
Updated 03-01-2017 at 04:07 PM by DIVA Brenda (Added Subtitle)
Updated 03-01-2017 at 04:07 PM by DIVA Brenda (Added Subtitle)
Q: What happens if the home appraisal value comes back less than the asking sales price?
A: A home appraisal is requested by the lender as a way to confirm home value to be used as loan collateral in the event of default. Additionally, appraisals protect the buyer from purchasing a home that is valued as less than the asking price. But, if the appraisal value comes back less than the asking sales price, the buyer has several options:
1. The buyer can pay the difference
2. The buyer can ask the seller to lower the sales price to the appraised value
3. The buyer can ask/pay for a new appraisal
4. The buyer and seller’s agent can send a rebuttal with comps to the appraiser
5. If all else fails and there is no “meeting of the minds”. You can choose not to purchase the home
I hope that this helps. If you have any questions, feel free to reach out to me at realestatedivabrenda@gmail.com. List with me and consider your home SOLD! Let’s stay connected
Real Estate Diva Brenda
A: A home appraisal is requested by the lender as a way to confirm home value to be used as loan collateral in the event of default. Additionally, appraisals protect the buyer from purchasing a home that is valued as less than the asking price. But, if the appraisal value comes back less than the asking sales price, the buyer has several options:
1. The buyer can pay the difference
2. The buyer can ask the seller to lower the sales price to the appraised value
3. The buyer can ask/pay for a new appraisal
4. The buyer and seller’s agent can send a rebuttal with comps to the appraiser
5. If all else fails and there is no “meeting of the minds”. You can choose not to purchase the home
I hope that this helps. If you have any questions, feel free to reach out to me at realestatedivabrenda@gmail.com. List with me and consider your home SOLD! Let’s stay connected
Real Estate Diva Brenda
