· Appraisal under contract price. Appraisers, The blame game just won’t quit. Now instead of dealing with a low appraisal’, it’s now a “FAILED appraisal.”
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If the appraised value comes in lower than the contractual purchase price, you may be able to renegotiate the asking price so that it falls in line with the appraised value of the home. Here’s the kicker. If you don’t have an appraisal contingency in the purchase contract, you’re obligated to buy the home regardless.
A low appraisal can ruin the sale of a home. Here are tips to help you fight back.
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This article explains what can happen if the mortgage appraisal is low, and what your options are as a home buyer. If you would like to learn more about anything discussed in this lesson, you can use the search tool at the top of this page.
If the comps support the seller’s asking price, but the FHA appraisal still comes in low, then the home appraisal might be inaccurate. If the comps support the appraiser’s lower estimate, then the seller might be asking too much. It’s usually best to walk away from a deal where the homeowner is asking too high a price for the house.
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A home appraisal coming in low can sound like a death knell for a home purchase. Before you walk away, check to see why it came in so low. Why Your Home Appraisal Might Come in Low | realtor.com
Here’s a nightmare scenario for anyone trying to sell a home: a deal-killing appraisal that shows your house isn’t worth nearly as much as your sale price. This is not an uncommon occurrence. Each month, about 1 of every 10 real estate agents reports that low appraisals scuttled a home sale.
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Because lenders typically loan only 80 percent of a home’s value, if the house you want to buy appraises low, you won’t get the entire loan amount.