What happens if the appraisal is too low?
When a too-low appraisal jeopardizes a contract on your home, you can:
- Call
- Write
- Ask
- Hire
- Renegotiate
Call the appraiser back and share information you think was overlooked.
Write to the appraiser with specific details.
Ask the bank (in writing) for a reappraisal by a different appraiser.
Hire an independent appraiser.
To make up the difference between the loan amount and the sales price, the buyer can increase the down payment; the seller can pay some of the buyer’s out-of-pocket closing costs; the seller can lower the sales price, or all three. The secret to keeping the deal together is flexibility.
