doesnt appraise: What Happens if a Home Doesn't Appraise?
- 03/14/19 12:15 PM
If you are purchasing a home using a loan, the bank will require an appraisal. The appraiser visits the home, looks at comparable recent sales, and determines a value for the property. If the appraiser’s value is less than the agreed upon sales price, you have what is commonly referred to as an appraisal problem (very fancy nomenclature). Let’s say you made an offer on a home for $350K. The seller’s accepted your offer, and you are getting very excited about moving into your new home. Then, the appraisal report comes back, and you find out the home only appraised for $330K. You have … (2 comments)
If you are purchasing a home using a loan, the bank will require an appraisal. The appraiser visits the home, looks at comparable recent sales, and determines a value for the property. If the appraiser’s value is less than the agreed upon sales price, you have what is commonly referred to as an appraisal problem (very fancy nomenclature). Let’s say you made an offer on a home for $350K. The seller’s accepted your offer, and you are getting very excited about moving into your new home. Then, the appraisal report comes back, and you find out the home only appraised for $330K. You have … (2 comments)
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