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What if the house appraises less than the selling price

by sweat751879 from Clermont, Florida. Jan 12th 2017 Reply


what do I do if the house appraises less than the selling price

Jan 12th 2017
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Cody Bellah (cody@communitymortgagekc.com)
#18 ranked lender in Missouri - 67 contributions

Then you have to bring the difference, or the seller lowers the purchase price, or the deal will never go through. 1 of the 3

Jan 12th 2017
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Jericho Cherry (Jerichocherry)
#1 ranked lender in Virginia - 1,087 contributions

As Cody said, either the seller sell you the house at the appraised value, or you pay the difference at closing.

Jan 13th 2017
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,243 contributions

you can cancel the contract , or you can bring in the difference in cash

Jan 13th 2017
1
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,466 contributions

Most sales contracts state that you have agreed to purchase the home at the LOWER of the contract price, or the appraised value.. but it's customary for the seller to make the final decision if they wish to sell the home for the lower price.. if they are offering seller concessions, then they might want to renegotiate those fees since they are going to sell the home for less.. but regardless, if the home does not appraise for at least the sales price, then you are not obligated to buy it. If you do wish to buy the home and the seller is not willing to lower the price, then you would need to bring the difference/extra to closing. I'm the preferred Lender here in Scottsdale AZ, and Arizona and California is my primary market. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 14th 2017
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