What Happens if an Appraisal Comes in Low?
MP4•Epizód kép
Manage episode 240287280 series 1434640
A tartalmat a Ed Pluchar biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a Ed Pluchar vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.
When the appraisal on the home you’d like to buy comes in low, you and the seller have three workable solutions to consider.
Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale
Want to buy a home? Search all homes for sale
Let’s consider this question through the eyes of a buyer. Once the inspections and repair requests are squared away, the bank will order an appraisal, which serves as a professional opinion of the home’s market value.
The bank will send an appraiser out to the property, and that person’s job is to certify that the price in the purchase contract and the home’s actual value are in line with one another. If the appraiser can’t justify the price, it’ll either be too high or too low.
If the appraisal ends up being higher than the offer price, there’s no issue. The buyer will receive greater equity than originally expected, and the parties can move through closing without a hitch. An appraisal that comes in low, on the other hand, can be problematic.
One of three things will happen following a low appraisal:
1. The seller takes a price reduction
2. The buyer brings more money to closing
3. A combination of the first two options
If no agreement is reached, the contract will be rendered null and void because the buyer won’t be able to obtain the loan they made arrangements for.
An appraisal that comes in low can be problematic.
”If you’re getting ready to purchase a home and you have any questions about appraisals and how they work, please give me a call at 815-931-2279 or send me an email at Edward.Pluchar@Gmail.com. I’d be happy to hear from you!
22 epizódok