Appraisal came in low, now what?

Often times buyers find themselves in the position that the bank appraisal comes in below contract purchase price. No need to panic, when you are working with an experienced and professional agent, who knows what the options are. A low approval does not always have to mean that the deal is dead, there are several options.

1. Seller reduces price to appraised value
2. Buyer makes up the difference in cash from appraised value to purchase price
3. Buyer and seller terminate contract (can only be done if there was a mutual appraisal contingency agreed upon when offer was submitted)

As your buyer agent I will make sure you are fully protected and know your options. I know how to use contractual contingencies to protect your interest and leverage most negating power for you. Contact me today and let’s get your home search started!