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What If The Clarkston MI House Doesn't Appraise?
What If The Clarkston MI House Doesn't Appraise?
A common misconception is that the house must appraise for sale price and if it doesn't then the seller has to come down to make up the difference.
First of all everything is negotiable. When you make an offer on a house you can specify that the house must appraise for the sale price. Or you can specify that the house must appraise for X below sale price.
Why would you negotiate in a lower appraisal amount you ask? There are many reasons.
You may be in a multiple offer situation and this is a great way to strengthen your offer.
You may be able to get the seller to come down a bit more if they're more comfortable about your ability to close.
There are many reasons a house might not appraise and they have nothing to do with value.
First of all the appraiser does not work for the buyer. The appraiser is hired by the lender to protect the lender's interests- period.
The appraiser has to follow the guidelines specified by the lender as well as government guidelines. I recently had a sale in a subdivision in Metamora- a fairly rural area. The appraiser was ... more

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