Tips For Buyers If You Get A Low Appraisal
Here in Prince William County as well as across the country agents are hearing these dreadful words. "Contract is dead because of a Low Appraisal." This has been a real problem since the housing boom, busted. The appraisers are covering their butts in fear of getting their license revoked like so many did as a result of erroneous appraisals during the boom.
A low appraisal does not always mean the deal is dead. In the article by Steve Cook, "5 Ways To Fight a Low Appraisal", he goes into detail on the points listed below.
- The buyer can ask the seller to lower the sale price.
- Ask the seller to carry a second note for the difference.
- Do your research and dispute the appraisal.
- Ask the lender for a new appraisal
- Get your own, independent appraisal, if FHA financing check with your lender for an approved appraiser list.
You need to exhausting all your options before you decide this isn't the house for you. As a foot note, be sure that the contract you write has a contingency clause for the appraisal, if not you could loose you earnest money deposit.
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