Gregory Mart…, Home Owner in Yakima County, WA

If my asking price is higher than the appraised price am I required to lower the price or can I hold out for the higher price?

Asked by Gregory Martin, Yakima County, WA Mon Jul 14, 2014

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5
Ali Qureshi, Agent, Pleasanton, CA
Thu Jul 24, 2014
It all depends on the purchase contract. If there are any wording that describes your question in the purchase contract then the price should reflect that.
0 votes
Kary Krismer, Agent, Renton, WA
Mon Jul 14, 2014
It would depend entirely on what your contract said (so ideally this would be answered by an attorney who has read your contract), but I would be somewhat surprised any contract would require an owner to reduce their price. Our "statewide forms" used by the NWMLS allow the buyer to ask for a discounted price or back out or obtain a new appraisal.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Jul 14, 2014
You are not REQUIRED to lower the price.
If you believe the tangible and amenities of the house merit standing firm, you should do so.

Since you are now aware that the appraisal will be an issue, take measures to only accept offers from buyers who have the capability to overcome this obstacle.
0 votes
Robert Quitm…, Agent, Alpharetta, GA
Mon Jul 14, 2014
Depending on the home, if it is listed for higher than market your home will most likely sit unless its in a great area and sales are good. Of course you go with the highest and best however, if you were to receive an offer above appraised price then the buyer would have to come up with the difference because a lender won't lend more than appraised value.
So if you are not in a rush and you think it can sell at a higher price then hold out. If not then you have to be realistic about your asking price.

R.Quitman
First United Realty
0 votes
Jeremy Locke, Mortgage Broker Or Lender, Kirkland, WA
Mon Jul 14, 2014
You have a few options. It will also depend if the buyer has money to cover the difference between the appraisal and the mutually accepted offer. I would talk with your realtor and have them explain each scenario and what would happen.
0 votes
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