What to do-appraisal is 17-$21k lower then asking price-outside comps where used to price property?

Asked by kaseyisfreedom, Spring, TX Mon Jan 28, 2013

This question was asked from this property: http://www.trulia.com/property/1059360015-6903-King-Arthur-C…

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Kevin Sechel…, Agent, Houston, TX
Mon Jan 28, 2013
I had this happen to me last month and the Mortgage company allowed us to do a field review and present comparable properties to the Appraisal Company. It worked and my house closed as there were many properties that compared based on the "New" upgrades in the home.

When putting an offer in I also make sure there are Comps. that will support the offer price. I will even let the "Seller" know when placing an offer that we could have appraisal issues and ask them to justify list price and provide comps.

At the end of the day the you can offer what you want but the banks appraisers will dictate the price based on Comps. and unless you want to pay more out of pocket, the current asking price must be adjusted...

Good Luck!

Kevin Sechelski
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Bruce Lynn, Agent, Coppell, TX
Mon Jan 28, 2013
Three things....
Renegotiate the price to the appraisal.
Buyer pays the difference in cash.

An appraisal is not necessarily what the property is worth, it's what the bank will lend on.

To me, what it is worth is what the buyer and seller are willing to pay and take.
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Jan 28, 2013
What this means is that the SELLER has an inflated idea of what the property is worth:
Your Bank, undoubtedly, will not loan you the Listing Price.
You can Offer $21k less, but it sounds like the Seller will have to adjust.
The alternative is you coming up with $21K cash, and therefore paying too much.
Good Luck and may God bless
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