Zillow Advice: Home Buying - Will the seller come down in price if the appraisal comes back lower than asking price? http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ Zillow Advice | Zillow Real Estate Run closed sales as in did ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ Run closed sales as in did they look at the home as an appraiser will?<br/><br/>Your agent should be advising you on what to bid for any home. That is done by having a good grasp on closed sales - this is what appraisers look at and these along with pending sales are the best indicators of value.<br/><br/>Push an amendment to reduce price based on the low appraisal, failing that you will either add cash or terminate - speak with your agent on all of that. Thu, 04 Jul 2013 17:02:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T17:02:00Z One of the major issues in ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ <p>One of the major issues in the marketplace today is the lack of quality appraisers out there. Through the HVCC appraisal regulations and requirements there are companies being forced to use "national" appraisal &amp; real estate service companies who then outsource the work to random appraisers who may or may not be familiar with the local marketplace. This is killing the appraisal reports and causing untold hardship to Realtors and potential homebuyers.<br/>You should make sure to work with a mortgage lender that explains exactly what their appraisal protocols are to make sure that not only are they in-compliance, but that they have also taken the necessary steps to ensure that appraisers are being done by local competent appraisers.</p> Thu, 04 Jul 2013 16:53:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T16:53:00Z Depending on how the Sales ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ <p class="MsoNormal">Depending on how the Sales Contract was written, you may be able to renegotiate the price. Most Realtor Sales Contracts state the sale is contingent on the Buyer's ability to obtain a mortgage; some lenders will not approve the mortgage if the appraised value is lower than the sales price. Some Sales Contracts are contingent upon the appraised value by the buyer's lender must be equal to or higher than the sale price. You should have an attorney review your Sales Contract to see if you have the option of renegotiating the price.</p><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Times New Roman";} </style> <![endif]--> Thu, 04 Jul 2013 16:43:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T16:43:00Z Hank Miller- "Did they run ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ Hank Miller- "Did they run closed sales like an appraiser?" I do not know what you mean by this. Also there is a clause about the appraisal in the contract. Thu, 04 Jul 2013 13:47:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T13:47:00Z There's much to understand ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ There's much to understand when it comes to buying any type of FNMA/Freddie listed home. The first thing is that they are regularly overlisted.<br/><br/>I'm a FNMA foreclosure appraiser, it is routine for me to see homes I've appraised at X listed for X+15%. The idea is to use a Homepath Mortgage - no appraisal is required, this is then a non issue. Other than the fact that a buyer is overpaying, all is good.&nbsp; [hotlink deleted by Zillow moderator. please see our Good Neighbor Policy for posting guidelines]<br/>Understand as well that appraisals are not science, they are opinions based upon conditions at that time; they will vary. March and July in the Marietta market are different.<br/><br/>Have your agent submit an amendment to reduce price, it may be ignored and at that point you will decide if you want to overpay for the house or walk away. Curious - did your agent give you an idea that this was a possibility? Did they run closed sales like an appraiser?<br/><br/>I've worked the Marietta area since '93, like everything else in real estate it all depends on the micro market. Thu, 04 Jul 2013 13:01:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T13:01:00Z It depends on how bad the ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ It depends on how bad the seller wants to sell the house and If he has any back up offers that are all&nbsp; cash offers because at that point the appraisal wont matter. Good Luck &amp; Happy House Hunting! Thu, 04 Jul 2013 02:48:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T02:48:00Z Always try...you never know ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ Always try...you never know what they will do. &nbsp;The seller does not have to &nbsp;lower the price. Thu, 04 Jul 2013 00:44:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T00:44:00Z Maybe, but not necessarily.&nbsp;&nbsp; ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ Maybe, but not necessarily.&nbsp;&nbsp; Good luck.&nbsp; Put on your best negotiating hat. Thu, 04 Jul 2013 00:37:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T00:37:00Z Is your loan FHA or conventional?&nbsp; ... http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ Is your loan FHA or conventional?&nbsp; FHA means the appraisal will stick with the property for 6 months...with conventional it is tough to say.&nbsp; Freddie Mac will probably lower the price. Thu, 04 Jul 2013 00:21:00 GMT http://www.zillow.com/advice-thread/Will-the-seller-come-down-in-price-if-the-appraisal-comes-back-lower-than-asking-price/500222/ 2013-07-04T00:21:00Z