Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
what happens if the appraisal is less than the ...

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 1,011
US
Connecticut
Nearby States
- Alabama
- Alaska
- American Samoa
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Northern Mariana Islands
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virgin Islands
- Virginia
- Washington
- Washington D.C.
- West Virginia
- Wisconsin
- Wyoming
Don't see it?

Find:
Fairfield
Nearby Cities
- Bethel
- Bridgeport
- Brookfield
- Brookfield Center
- Danbury
- Darien
- Easton
- Georgetown
- Greenwich
- Grover Park
- Monroe
- New Canaan
- New Fairfield
- Newtown
- Norwalk
- Redding
- Redding Center
- Ridgefield
- Russian Village
- Shelton
- Sherman
- Stamford
- Stratford
- Town of Bethel
- Town of Newtown
- Town of Ridgefield
- Trumbull
- Weston
- Westport
- Wilton
Don't see it?

Find:
ZIP Code
Nearby ZIP Codes
- 06824
- 06825
- 06828
- 06890
Don't see it?

Find:

what happens if the appraisal is less than the offer?

Contributions: 3

Q&A

:3

View full profile

help first time home buyers...thanx

Flag content

June 06 - Fairfield

RSS

Answers (6)

Best Answer

sunnyview
Contributions: 10598

sunnyview

Contributions: 10598

Q&A

:6211
Disc

:4370
Photos

:17

Zillow All-Star

Since January 2009

View full profile

Many contracts have an appraisal contingency which means that if the house does not appraise the buyer can walk away with their earnest money. If you area buyer, you can use the appraisal to renegotiate the price with the seller. No bank will lend more than a house is worth so it is in the owner's best interest to sell it for the appraisal amount since few buyers will be willing to bring cash to the closing table to cover a low appraisal.

Flag content

June 07

Brent Bell, "Brent Bell CRS"
Contributions: 67

Brent Bell, "Brent Bell CRS"

Real Estate Agent

View my 5 listings

Contributions: 67

Q&A

:7
Photos

:60

View full profile

The first questions to ask are 1) how far off is the appraisal and 2) what is the home worth to you? I have seen appraisals off by as little as $1,000. Then the seller, the buyer and/or the agents have split the difference to make the transaction work.

I have seen poor appraisals where an appraiser has not used generally accepted appraisal techniques and when reminded of his or her duties & responsibilities (accompanied by better comparable sales data) has adjusted the opinion of value to better match reality.

Having an experienced realtor represent you as either a buyer or a seller should reduce the risk of low appraisals significantly. This is a wonderful question to ask the realtor you are interviewing!!! (What in your experience can be done if the home I am trying to buy or sell hits a snag because the appraisal comes in $5,000 low?)

Flag content

August 26

Johnny James, "Palmdale Mortgage"
Contributions: 219

Johnny James, "Palmdale Mortgage"

Real Estate Agent

View my 2 listings

Contributions: 219

Q&A

:175
Disc

:40
Photos

:4

Zillow All-Star

Since June 2009

View full profile

then you may have to open your ewallet to make up the difference. the lender uses the appraisal to determine the value of the property and the amount it will loan you.

palmdalemortgageguide.com

Flag content

June 07

space_acer
Contributions: 4343

space_acer

Contributions: 4343

Q&A

:380
Disc

:3649
Photos

:314

Zillow All-Star

Since March 2009

View full profile

You overpaid!

Check out how apprasials have been manipulated in recent years.

http://appraiserspetition.com/

Flag content

June 07

Michael Russell, "real estate mike"
Contributions: 1704

Michael Russell, "real estate mike"

Real Estate Agent

View my 3 listings

Contributions: 1704

Q&A

:1395
Disc

:294
Photos

:15

Zillow All-Star

Since May 2009

View full profile

Most contracts have an "out" for the buyer if the house appraisal doesn't meet the sales price. In my experience you can end the first contract and start a new one for less sales price or as Phil says do some amendment to reduce the sales price and other numbers. I'm really hoping your agent or legal counsel already knows this?

Flag content

June 06

Phil Powell, "PhilPowell1"
Contributions: 18

Phil Powell, "PhilPowell1"

Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 18

Q&A

:16
Disc

:2

View full profile

Here in California we have an Appraisal Contingency as part of the Residential Purchase Agreement that allows the buyer to walk in this situation.

Flag content

June 06

Have a question? Ask it here.

Active Fairfield Real Estate Agents

Julie Vanderblue

35 listings

Local Expert
vanderblue

39 listings

Local Expert
Mark Greenstein

18 listings

Local Expert
Melanie Smith

16 listings

Local Expert
Gheorghe Zichil

6 listings

Local Expert

See more Fairfield real estate agents

Question what happens if the appraisal is less than the offer?

Latest answer by Brent Bell
August 26

In Buying Process
6 Answers - 1011 Views

Question not sure if this is a silly question

Latest answer by Georgia Barney
January 22

In Buying Process
9 Answers - 339 Views

See More

Guide Real Estate Buyer's Closing Costs

In Buying Process
Edited August 27

Guide List of Closing Costs and Fees

In Buying Process
Edited August 27

Guide You've Opened Escrow

In Buying Process
Edited July 21

Guide Home Buying One Step at a Time

In Buying Process
Edited May 04

Guide A Buyer's Guide to Making the Right Choice

In Buying Process
Edited December 05 2008

See more articles about Buying Process

Current Mortgage Rates

Current Last Week

30 Year Fixed

15 Year Fixed

5/1 ARM

Get this widget

<div style="width:298px;height:123px;border:1px solid #adcfff;overflow:hidden;text-align:center;font-family:verdana,arial,sans-serif;font-size:8pt;line-height:13x;background-color:#eff3ff;letter-spacing:0;text-transform:none;">
		<div style="margin: 0 6px;">
			<div style="margin-top:6px;">
				<a href="http://www.zillow.com/Mortgage_Rates/#{scid=mor-wid-lthd}" target="_blank" style="font-size:9pt;color:#36b;text-decoration:none;font-weight:bold;">
				   
						Current
				   
				         
				   Mortgage Rates</a>
			</div>   
			
			<div style="color:#555;margin:5px 0 1px;">
				<span style="padding-left:137px;">Current</span>
				<span style="padding-left:23px;">Last Week</span>
			</div>

<div style="background:#fff;height:60px;width:284px;border:1px solid #adcfff;text-align:left;">
				<div style="width:146px;float:left;">
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt1}" target="_blank" style="text-decoration:underline;color:#36b;">30 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#eff7ff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/15_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt2}" target="_blank" style="text-decoration:underline;color:#36b;">15 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/#{scid=mor-wid-ltt3}" target="_blank" style="text-decoration:underline;color:#36b;">5/1 ARM</a></div>
					</div>
				</div>
					
				<iframe title="Current Mortgage Rates" frameborder="0" height="60" scrolling="no" width="138" src="/mortgage/MortgageRateTableWidget.htm?wide=1&region=102001">
						Your browser doesn't support frames.  Visit 
					<a href="http://www.zillow.com/mortgage/" target="_blank" style="text-decoration:none; font-size:9pt; font-weight:bold;">Zillow Mortgage Marketplace</a> 
					to see this content.
				</iframe>
				<div style="clear:both;"></div>
			</div>
			
			<div style="margin:4px 6px 0;height:15px;width:276px;">
				<a href="http://www.zillow.com/mortgage/#{scid=mor-wid-ltgr}" target="_blank" title="Zillow Mortgage Marketplace" style="display:block;margin-left:4px;height:15px;width:145px;float:left;"><img src="/static/images/zillow-mortgage-logo-small.gif" alt="Mortgages, Home Loans, and Mortgage Quotes at Zillow Mortgage Marketplace" style="border:none;"/></a>
				   
				<a href="http://www.zillow.com/webtools/widgets/MortgageRateWidget.htm#{scid=mor-wid-ltget}" target="_blank" style="font-size:7pt;color:gray;text-decoration:none;float:right;margin:1px 5px 0 0;width:80px;">Get this widget</a>
			</div>
		</div>
	</div>

Need a Mortgage?

Zillow Mortgage Marketplace

Competitive rates
Accurate, custom quotes
Thousands of lenders

... and, it's free and anonymous

Learn about Zillow Mortgage Marketplace

Zillow Poll:

Suggested by .

I'd like my house to

be uniform... every room with the same basic styles and colors.

have each room with its own personality, color scheme, and style.

flow with the same basic style, but with a different flair in each room to keep it interesting.

just be a house. Like I care.

Next poll
Suggest a poll

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

Tools

Create an Email Alert

This alert is for the following:

How often would you like the alert emailed?

Partner Tools

Nearby States

Nearby Cities

Nearby ZIP Codes

what happens if the appraisal is less than the offer?

Contributions: 3

Main Image

Answers (6)

Best Answer

Contributions: 10598

Zillow All-Star

Real Estate Agent

Contributions: 67

Real Estate Agent

Contributions: 219

Zillow All-Star

Contributions: 4343

Zillow All-Star

Real Estate Agent

Contributions: 1704

Zillow All-Star

Mortgage Lender

Contributions: 18

Have a question? Ask it here.

Active Fairfield Real Estate Agents

Related Questions

Question what happens if the appraisal is less than the offer?

Question not sure if this is a silly question

Related Articles about Buying Process

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide You've Opened Escrow

Guide Home Buying One Step at a Time

Guide A Buyer's Guide to Making the Right Choice

Need a Mortgage?

Get instant mortgage quotes

Be A Good Neighbor