How to Handle a Low Appraisal as a Buyer
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- čas přidán 29. 08. 2024
- Knowing how to handle a low appraisal as a buyer is important in this competitive Seattle real estate market. In this video, I explain what can happen if an appraisal comes in below the purchase price and how to navigate the appraisal within the home buying process.
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This was a really great video me and my husband are in this position now. Our offer was for 500K the appraisal came in at 481K, the List price was for 480k. The seller came to us asking if we can pay more to offset things. We are paying all of the closing cost and buying their furniture for 5K. We are still waiting for them to give us an answer on what they want to do. We are scheduled to go to closing on 12/4... as long as things go well...Wish us luck please!
Praying it works out for you!
So, how did it turn out?
Why should the buyer ever pay more than it's worth if the seller won't budge? To me there's no good reason to say, "well I agreed to 300k but since the appraisal is 280k I'll just be a kind person and keep my word and give you a 20k more..." That's ridiculous!
Appreciate your insight. Some people want to complete the purchase despite the appraised value coming in low because they like the house and they believe the home will continue to appreciate in value over the long term. Others don't want to continue based on the same logic you outlined above.
Hi I'm a buyer. the house I wanted it didn't appraise. The Seller wont negotiate because they believe their house is more than the appraise. They asking us to look for another appraiser from a different lender. My question is Can I look for another appraiser from a different lender?
I am in this position now. Appraisal came in 70K below agreed purchase price. I'm waiting to hear back from seller. Highly doubtful the seller will go down this much. Let the negotiations begin...Ugh!!! 😞
Good thing you had an appraisal contingency!
Great info thank you 😊
Glad it was helpful!
Thank you
you're welcome
What about the earnest money? Can the buyer get that back if deal falls apart?
Depending on the contingencies in place, yes. (in WA State)
Yes...
i got confused because listed price was 280k. I bought for 290k. I have cash for 20 percent down of 290k. (58k). appraisal was 270k. Im being told I need to renegotiate or come up with the 20k difference of the purchase price and the appraisal. So basically, since its appraised for 270, they care about the 54k as 20 percent down, but now since purchase price is 290k, its on me, EVEN THOUGH im putting down 20 percent of the 290k. Im financing well below the appraised value, at 232k. Im so confused
It's always more complicated when the appraised value is less than the sales price. Your agent and lender should be able to bring some clarity.
My appraisal just came in at lower than $45,000 than purchase price. 😵
So, not sure what's going to happen. We offered another $10k cash to the pot. 🤷♂️
What ended up happening?
@@dandavid2027 We were FHA. They say you cannot have a second appraisal with FHA. Well, guess what. We did. Bank, attorneys on both sides and even the government that oversees appraisals said something was grossly wrong.
The second appraisal came in at about $40K higher!
We ended up closing in April. 😁
I'm trying to buy a house for 52k the appraiser said it's worth 42k but he used house from the getto 3 milles to compare and his paperwork says it sold for $0 away I love this house and I like the seller also the appraiser said it has 841 baths so umm that's a god damn issue his paperwork is sloppy af and everything in a 2 mile radius is of higher value or less because of repairs or less land I think our appraiser is a tool and a joke at his job
Where are you buying a house for $52k?
Don't choose a buyer that wants a financing contingency.
My buyer asked me to go down 30 -40k. No 👎so I sold my home 2 weeks later to other buyers, I was in escrow with someone that wasted my time while we waited for appraisal and didn't have the cash for appraisal gap.
You realize that a bank won't finance above appraised value?
Whether with or without the contignecy set, a buyer would need to wave appraisals cause they will pay the cash difference.
You can get left holding the bag at the end either way.
@@matt33876 Exactly.
Atleast for me...
If a professional apprasial comes in lower than what I made a deal on... I'm not willing to pay for it.
Unless the sale stalls and seller wants to pay for the 2nd opinion apprasial. I'm out.
I don't know why someone would pay more for something than it's worth.
Granted, some apprasers are low or aren't the best...
I guess I'm just the type if my bank tells me it's worth X and it's lower than what we agreed on.. either it's lowered or I walk. Even if I eat the 700$ out of pocket for apprasial fee.
Not going in the hole on a property because a owner thinks it's worth 20k above market price
Maybe you wasted the buyer’s time with your overpriced junk 🏠 💩
At another time you would of gone down and pay his closing . Sheesh the greed