What to Know About Your Appraisal
Your lender will arrange for a third party appraiser to provide an independent estimate of the value of the house you are buying. The appraisal lets all parties involved know that the price is fair. It is very difficult to successfully contest your appraisal. If you are a seller, we want the property to appraise for at least the sale amount or more. An experienced agent demonstrates certain strategies to reveal value of the home prior to the appraisal. The loan file then moves on to the mortgage underwriter. If approved you will receive your final commitment letter that includes the final loan terms & percentage rates.
APPRAISAL COMES IN AT OR ABOVE SALE PRICE
You are in the clear, and closing can be begin!
APPRAISAL COMES IN BELOW SALE PRICE
Renegotiate the sale price with the buyer
Renegotiate with the buyer to cover the difference
Cancel and re-list
Consider an alternative all-cash offer