In a word: No. There is a perception that if the appraisal comes in low, the seller would be required to reduce it. A contract could be written with language to dictate this, however, a seller would.
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An appraisal contingency gives you the right to back out of the deal, if the appraisal comes in low (and the seller refused to reduce the price). You would simply add a standard clause to your contract that says, "If the house is appraised below the agreed-upon purchase price, the buyer can exit the contract and reclaim any earnest money.
The appraisal is a significant hurdle in most home sales. In this article, learn all about home appraisals and learn what to do if yours comes.
Nobody wants to see a low real estate appraisal come in on a property. The following information will give you some ideas on what you can do to get an improved appraisal value, and the higher sale price that goes along with it. Disputing a low real estate appraisal is not fun but it’s a.
What to Do If the Appraisal Comes in Low Renegotiate the Purchase Price. If the appraised value comes in lower than. Modify the Financing Terms. If the appraised value comes in slightly lower than expected, Get a Second Opinion (Appraisal) Not all home appraisals are created equal,
-Oxford-/iStock. The home-buying process is a high-stakes thrill ride full of exhilarating ups and scary downs, but unquestionably one of the most deflating moments is when the appraisal comes in significantly lower than the accepted offer. This is, to use technical real estate lingo, "a bummer.".
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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 thanSometimes 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.
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If the estimate is lower. use and then come up with their own preliminary estimate of value. Any problems that are found can be repaired or remedied before the mortgage application is made and.