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What happens if the appraisal comes in below the contract price?
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There are several things to consider in these circumstances. It could be that the appraiser has misappraised the property and you as the seller could pay for a different appraisal. If the buyer wants to re-negotiate the price on the basis of the lower appraisal we have to again look at market comparable and determine if we think the original offer was fair.
That will determine if we are willing to reduce the price or not. If we have done our market research before listing the home there should not be a case of the property not appraising. |
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