Home Buying in 77406>Question Details

gigijen22, Home Buyer in 77382

What can a seller do when the appraisal comes in lower than the selling price?

Asked by gigijen22, 77382 Wed Feb 29, 2012

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Bruce Lynn’s answer
1. Reduce your price.
2. Get the buyer to pay the difference.
3. Split the difference.
4. If you think the appraiser was totally off track, have your realtor advise you on getting a reappraisal.
5. Don't sell.
0 votes Thank Flag Link Thu Mar 1, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
Everyone will tell the seller needs to lower the price .
But there are other options as well.
1. We all make mistakes and so do appraisals.
The appraisal may not be familair with the area and is coming from Dallas to appraise a Katy home.
2. Get a second local appraisal.
3. Ask your agent to run the comps in the area how he determined the selling price initially.
4. Some of the upgrades to the house may have been forgotten by the appraisal.
Hoping this helps.
Kadi. - http://realtytimes.com/REUv/KadiKadibhai
0 votes Thank Flag Link Wed Feb 29, 2012
No lender will allow any buyer purchase a home over appraised value. You would need sell home at appraised value. FYI - did the your listing agent comp value of the home PRIOR to listing the property? Where many issues / problems come up when value of the home is not there over price the house.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
0 votes Thank Flag Link Wed Feb 29, 2012
I wrote a blog post a few weeks ago outlining options available to the seller when an appraisal is low. You can read the entire article on my blog site.

The title of the blog post is Low Appraisal? 3 Ways to Save the Sale of your Home. Here is the link, http://www.sellingsouthoftheriver.com/blog/low-appraisal-thr…

I sure hope it helps. I also have another post on the blog site entitled Reasons for a Low Appraisal on your Home. Let me know if you have any questions.
Good Luck.
Sheryl Petrashek
Remax Results
0 votes Thank Flag Link Wed Feb 29, 2012
The seller has to be willing to sell the property at the appraised value. If not then the buyer has the right to terminate the contract because there will not be a lender willing to loan more than the appraised value.
If the Buyer really likes the property then he or she has to come up with the difference.
0 votes Thank Flag Link Wed Feb 29, 2012
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