appraisal: Appraisal Lower Than The Purchase Price?
- 04/24/08 06:14 AM
Uh oh! What happens if after you've made an offer on a house and you're now working with your lender and their appraiser came in with a value less than the purchase price? This has happened on many occasions and hopefully your agent has put in the contract a provision that deals with this eventuality. Since you cannot get a loan for more than the appraised value, and the seller will have a difficult time finding another buyer who is willing to pay more than the home is worth, it is in the interest of both parties to try to work this (6 comments)