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2016-07-31 12:49:01 Appraisals--Why They Effect The Purchase/Sale of a Why does a low appraisal effect the purchase/sale of your home?
Ex. Sales Price=$300K and Appraisal=$280K. The lender will only loan up to $280K on the home. At this point, the Buyer & Seller have options.
The Buyer can agree to pay the $20K difference at the close of escrow.
The Seller can agree to lower Sales Price to the appraised price of $280K.
The Buyer & Seller can negotiate the $20K difference to a amount they both agree on (Ex. Seller will lower the Sale Price to $290K and Buyer will agree to pay the additional $10K at the close of escrow).
Buyer & Seller cannot come to an agreement and the escrow & contract are cancelled and the Buyer receives their earnest money deposit back.
Appraisals can and do come in lower than the Sales Price.
Hopefully, this has helped answer a question that many Buyers & Sellers have and need to know. If you have any questions, please feel free to ask me.
Thanks and have a great day!
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Blog Archive
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