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Appraisal Came in Low |
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House appraises lower than loan amount. What are the options? |
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I don't know if you're the seller or the buyer and I haven't seen your sales contract. But let's assume the contract says the purchase is contingent upon the buyer's obtaining a certain amount of financing. If because of a low appraisal the mortgage company won't make that loan, then the buyer can probably withdraw from the deal and receive the earnest money back. That's one solution.
Another is, if the buyer still wants the property and can afford it, for the buyer to make up the difference in a larger down payment.
Or, the seller could drop the sale price to the appraisal amount.
Lastly, buyer and seller could negotiate a compromise: seller comes down somewhat in price, buyer comes up with a somewhat higher down payment. |
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Edith
Originally published on June 17, 2008 |
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