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Additional Details
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Rainiergrl | We are buying a home...what happens when the appraisal comes back less than the purchase price? |
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Stephen B
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The bank will lend against the lower of the purchase price or the appraised value. If you still want the house, you need to either renegotiate the purchase price down or increase your downpayment up.
In a hot real estate market, or sellers market, you would probably need to increase your downpayment as there are more buyers than sellers. In cool real estate markets, where there are more sellers than buyers, you can probably get a lower price.
One more thing...an appraisal is merely an assessment, an opinion. Its not an exact science. Get a copy of the appraisal and look at it. Is the house accurately described? Is the square footage and amenities correct. Then look at the section called "comparables". Check out these recent sales which are used to help determine value? Are the comparables really comparable. If the appraiser is unfamiliar with the area, he may have selected comparables that are incorrect. For example, he could pull a comparable from the "wrong side of the track". While the house could be geographically close to the one your purchasing, it could be in a different school district, or tax district. This could have a real impact on the value assigned to your property.
Appraisals can be challenged. If you think the appraisal is incorrect, talk to the lender. (Remember, the lender wants to make your loan because thats how the bank makes money.) Maybe the lender will order a new appraisal is the current one appears faulty and you can provide facts to support that.
Most of all, be careful. A low apprasial is usually a red flag. If the house is truly worth less than the sales price...then you really need to rethink your purchase. Buying a house is a big decision.
Good luck. |
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WJW
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If you are confident in the appraiser's professional abilities. You can use this as an opportunity to re-negotiate the sales price or re-think the home's value and whether or not it makes sense to terminate the contract via the mortgage contingency clause. |
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reggiewjr1
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Did you already sign a Purchase & Sales (P&S) agreement? If you did was it contingent upon financing, appraisal, or inspection? You may have ways out of the initial contract if that is the case. Most lenders will not lend more than the appraisal price for a home, and deny your loan, which would most likely satisfy the contingency clause regarding financing.
If you have not signed a P&S as of yet, then just make an offer that you feel comfortable with, even if it's less than the appraised amount. |
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Dino4747
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Loan companies lend based on appraisals. You either make up the difference or get a lower price. You should always have a clause in the purchase contract that the house must appraise for purchase price. |
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dukeblueforlife
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That is not good at all. You should try negotiating a lower purchase price based on the results of the appraisal. Does the contract give you an out?
Usually it will be contigent upon the buyer obtaining a satisfactory survey and appraisal.
If the sellers will not go down on the purchase price call an attorney right away to discuss your options.
Good luck! |
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inaccord18
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Well, you'll have to come in with more money, or get the sellers to adjust the price (because of the low appraisal). If the sellers won't budge on the price, get them to cover closing costs. I don't know how much lower your appraisal came back, but that would at least save you a few thousand dollars... My main question would be "why are they asking so much more than the property appraised at?" |
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libbygail_51
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It will be difficult for you to get financing. Go back and ask the sellers to accept the appraisal price, or continue looking. |
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L D
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We are selling our home.... asking price is above the appraisal value that we currently have... REASON: this property is developed for training horses. The appraiser did not allow for the pens, barn equipment, etc that we have there, just looked at it as a piece of real estate. Also, there were no other properties in the area that compared to ours so there was not an accurate figure calculated when appraising our home. |
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calypso925
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negoiate for a lower cost on the home or look elsewhere |
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Diva
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That's not good. It means you are paying more than the house is worth. Most loans you get to buy a home need the purchase price to be lower than the appraisal value. If a house depreciates, you and the bank will lose money. |
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dizzie
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bank will want to know the fair market value of the property. it is kind of silly to pay more than that. you do need to re negotiate the price before you sign an agreement to purchase. but it should be a better bargaining chip for you to get a lower price. you know you don't have to pay asking price. that is why they do appraisals. you may want to find out why it is appraised lower than the asking price. or why the asking price is higher that the appraisal, they may have knowledge that the appraiser don't have. |
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jason n
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Stephen B hit the nail on the head. That is the best answer. |
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