Overcoming Appraisal Issues

Annette Bui| Updated May 13, 2020 | Mortgage Programs 101

On a purchase transaction if a property appraisal comes in lower than the purchase price, it indicates you would be overpaying for the house and thus impacts how much the lender will approve financing for. The good news is this means you can renegotiate the purchase price and the seller may be willing to work with you to avoid having to relist the house. A lender will provide financing on the lower of the purchase price or the appraised value, which means with a lower value you would have to bring the difference to the closing table. A tip to avoid this issue is to make sure your real estate agent includes an appraisal contingency clause that states the purchase agreement is subject to the appraised value meeting the purchase price or higher.

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