What happens when you have an appraisal issue when Buying a Home?
You never know exactly how much a home is going to be appraised for, and sometimes it can come in lower⤵️ than you were expecting.
What does a low appraisal mean??
The appraiser thinks the home is worth less than what you've agreed to pay for it.
This can pose a problem if you made a non contingent offer on the home.
However, there are several things you can do if your appraisal comes in lower than your purchase price⤵️.
- First, you could cover the difference by putting up more money to cover the gap.
- If that's not possible, you can see if your lender is willing to increase your loan amount so that it covers the difference between the appraised value and your purchase price. There are many Loan to Value options that could be available.
- You can try to ask the seller and come up to a mutual agreement on a new purchase price.
Appraisals can be tricky, but by doing your research and working with an experienced Realtor⭐️, you can make sure that you get the best possible outcome for your situation.
Would you like to work with us at Spencer Hsu Realty?!
Just give us a call / text / or an email! 408-547-4590
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