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What Happens if Your House Doesn’t Appraise For the Contract Price?
What Happens if Your House Doesn’t Appraise For the Contract Price?If there’s financing, it’s common to have an appraisal contingency in the contract. In most cases, the appraisals come in just fine but then, there are those instances that can cause the contract to fall apart. There are many reasons why the home doesn’t appraise. The rapidly changing market is one of them. In rare occasions, the appraisal report may be flawed. I’ve seen this happen a few times. Remember, each appraiser may use different comps, some may not see a value in the Lakeview, some may not measure the home correctly. The first thing to do is for your agent to examine the appraisal report to ensure everything was reported correctly. If the report indicates “no upgrades within the past ten years” and the homeowners had recent renovations, the price will point in a different direction. Buyers and sellers don’t want to hear “the house didn’t appraise”, they want solutions. There are several options;
 
-Re-negotiate- everyone who’s involved in the transactions would like to get to the closing table. When there’s a will, there’s a way. It’s time to get creative and see how everyone can give a little to make ... more

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