When Appraisal Comes In Low
Those are paragraphs that deal with what happens if the appraisal comes in low or if you are unable to get financing at specified terms. (That’s what would happen if the appraisal came in low.) These.
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If borrowers could order appraisals before applying for a loan, they could avoid the costs incurred when a low. appraisal firms will emphasize the acceptability of their appraisals to lenders.
The buyer has found the perfect home, but the appraisal comes back lower than the asking price. It can happen more easily than you might.
However, the appraisal comes in low at $95,000 which becomes the new maximum home value. Recalculating the 80% LTV on the new $95,000 appraised value pushes down the maximum loan amount to $76,000. The seller holds steady at their $100,000 asking price.
While you may think the deal is done, keep in mind that the contract sales price may not always align perfectly with the appraised value. Fortunately, a low appraisal isn’t the end of the world. The appraised value is what the mortgage lender is concerned with as it protects the bank in the event you default on your loan.
I asked my friend and top real estate agent in Framingham MA, Bill Gassett what he advises if an appraisal comes in too low. Here is what Bill.
The new appraisal came in at $220,000. That’s a $95,000 difference between the appraisers. If your appraisal comes in lower than the selling price, call the lender or the appraiser for a copy of the appraisal so that you can look over it to make sure there aren’t any major discrepancies.
Always talk with your loan officer about their policies and be sure to get this agreement in writing, in case the appraisal comes in lower than expected. Bottom Line. Sometimes it takes a low appraisal for a seller to become convinced that his/her house is overpriced. If it is, the asking price should come down.