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What if the Home I am Buying Does not Appraise for the Selling Price?
What if the Home I am Buying Does not Appraise for the Selling Price? 
A crucial step in home buying is the home appraisal. This is part of the mortgage process and must be done as soon as you are ready to proceed with your loan.  Following your home inspection you should give the "go-ahead" to your bank to send out an appraiser. 
But, what if the home does not appraise for the offer price?
If the property you are planning on purchasing is unique or there have simply not been many sales of similar homes in the area, arriving at a fair offer price can sometimes be a challenge. 
In a slow or declining market there may not have been many sales of similar homes in the town you are looking in. This factor could also have an effect on the appraisal outcome.  
To arrive at an offer price, your buyer agent should have put together an analysis for you of all of the homes in the area that have sold, preferably within a mile of the home and within the past three to six months.  These homes will have a similar square footage and be in the same age range, i.e., a newly ... more

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