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what options do we have when we are selling a home and the appraisal comes in below the list price?

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desertrev

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July 01 - Mesa
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DEBORAH CONTI, "ListingSpecialist"

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HUM....Hope that doesn't happen, since your Realtor should have done the Current Market Value of your property when you listed it (Appraisers use similar numbers when doing your appraisal).  If your Realtor did a good job, then the appraisal should be fine.  However, I have had a couple when the appraisal came in below the list price.  There are a few options that "Your Attorney" should go over with you.  Plain and simple, if the house doesn't appraise for the listing price and the seller (you) isn't about to budge on the price and the mortgage company won't budge on the mortgage, then the deal can usually be cancelled. But, you should consult an attorney, since different states have different laws.  Good luck!
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August 24
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Jennifer Ley, "jennifertley"

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Two separate deals, two different reactions: couple with large amount down desperately wants house multiple bids ensue, offers over asking, wins house, appaisal comes in 2k under the sales price.  Doesn't effect LTV as loan is so large.  My buyer, a financial couple, says, we like the house, not going to make a stink about it.  We agree to move on.  Next appraisal, comes in low  -- very few comps exist due to slow sales and time of year. Buyer agrees to purchase house at new appraised price as is.  This, once we sit down and analyze the stiutaion makes the the most sense - repair requests could have easily matched the 15 the appraisal came in short.

The new bank laws which try to separate loan officers from the appraisers and head of undo influence unfortunately leave very ethical people at the mercy of an appaiser who knows nothing whatever about the community she's landed in.  Some of the comps I've seen pulled are laughable.  When you sell in an area of older homes where factors such as level of renvoation, additional of modern amenities, taste start to factor in, a good appraiser is a jewel.  Thanking anyone can do tht job is madmess.  They have to be able to tell the silk purses from the slwos ears.
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August 20
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Eric Coffey, "Sothebys Scottsdale"

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You can dispute the appraisal, but you shouldn't waste your time doing so unless you can provide evidence to support your claim.  A  "substantiation letter" citing recent (and accurate) comps that the apprasier might have missed is usually a good start.
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July 02
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rjon.101

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Barbara , what will a second appraisal do? why would a buyer want to pay the higher of two appraisal amounts, especially in this market. I would not. I would insist on the lower appraisal . And if the lenders is the lowest that wraps up the financing and not many buyers will want to volunteer more of their cash for a home the lender says is not worth it.
If the second appraisal comes in even lower then the seller is worse of, as a buyer I would lock in the lower of the two appraisals and the lenders appraisal is all that matters to the lender.
If worried about the appraisel get it before negotiating a price, but the lenders appraisal may still be lower so you still are guessing.
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July 01
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Barbara Q.

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Appraisal comes in lower than the PURCHASE price or list price?

1. Renegotiate the transaction (lower your price).
2. Pay for a second appraisal...hope for a higher appraised value.
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July 01
 

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