Home Selling in 08823>Question Details

Krisdust, Home Seller in 19608

What happens if the appraisal comes back lower then the sale price of your home?

Asked by Krisdust, 19608 Thu Jun 27, 2013

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6
In most cases, the sale price is renegotiated. Sometimes the bank will review other comparables and adjust their decision. Occasionally, another appraiser is brought into the picture. In any case, it's a difficult situation.
0 votes Thank Flag Link Sat Jun 29, 2013
the appraised value would need to include the seller concession you indicated. if the appraisal comes in lower than contract, either buyer agrees to come come out of pocket for the difference(bank will only lend on appraised value) OR you would negotiate your agreed upon sales price(reduce your sale price)
0 votes Thank Flag Link Thu Jun 27, 2013
I hope you don't have that problem. it could play out in different ways, including killing your deal.
0 votes Thank Flag Link Thu Jun 27, 2013
If you are committed, you should start packing:
You should have already packed about half; stuff you don't use every day. Along with half the furniture and all the personal items; jewelry, pictures, nic-nacs, etc.
I don't know where your market is, but surely it is worth $165!
Good luck and may God bless
0 votes Thank Flag Link Thu Jun 27, 2013
I won't hold you to it :) but thanks for easing my mind a bit. I guess I better get off my ipad and get packing.
Flag Thu Jun 27, 2013
Yes they both did...my original realtor had it up for 175900 I took it off with her after 3 months of Hardly any action and put it up with another realtor for 165900. We have an agreement on the house but I am worried about the appraisal coming in low and losing the agreement. The agreement is full price with 3% seller assist...so does it have to appraise for the 165900 or 164900-3%? We have settlement July 31st and I don't know if I should start packing or wait it out yet.
0 votes Thank Flag Link Thu Jun 27, 2013
Sorry the house price is 164900 not 165900
Flag Thu Jun 27, 2013
Then you have it priced too high:
Did you have your Realtor do a CMA before you decided on a LIST price?
0 votes Thank Flag Link Thu Jun 27, 2013
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