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What You Can Do If Your Appraisal Comes in Low. Keep Your Emotions in Check. Whether you are the buyer or the seller, it can be a major heart-breaker to have a deal fall apart due to a low appraisal. When emotions run high, it becomes increasingly difficult to make logical decisions.
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When the lender’s appraisal comes back, it shows the value of the home is $300,000. When your process started, your $325,000 contract price minus your 20-percent down payment of $65,000 made your loan amount $260,000. The low appraisal of $300,000 takes that option off the table, and instead you have two other options.
If the appraisal comes in at or above the contract price, the transaction proceeds as planned. If the appraisal comes in below the contract price, however, it can delay or derail the transaction.
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You’ve just had a property appraisal done so you can refinance your home, but the value is much lower than you expected.It’s discouraging, but don’t despair; you have options to keep the.
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Fortunately, a low appraisal isn’t the end of the world. The appraised value is what the mortgage lender is concerned with as it protects the bank in the event you default on your loan. They don’t care what you’re willing to pay for the home, rather what its market value is.
Because lenders typically loan only 80 percent of a home’s value, if the house you want to buy appraises low, you won’t get the entire loan amount.
An appraisal contingency gives you the right to back out of the deal, if the appraisal comes in low (and the seller refused to reduce the price). You would simply add a standard clause to your contract that says, "If the house is appraised below the agreed-upon purchase price, the buyer can exit the contract and reclaim any earnest money deposit that was made."