A problematic appraisal is a typical fear among buyers and agents.. Whether in the form of a low appraisal value or a litany of mandated repairs, VA appraisal challenges can be alarming. VA appraisal problems can slow down the process and even force buyers to restart the house hunt.
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Having an appraisal come in low is of course just as upsetting to a seller. When something like a low appraisal comes from out of left field, it can leave everyone disturbed. Considering what an impact a low appraisal can have on the home selling and home buying process, it is a good idea to educate yourself on what factors can lead to a low appraisal.
House appraisals sometimes seem to be more of an art than a science. Homeowners might wonder why their tastefully decorated home appraises for the same.
An appraisal contingency gives you the right to back out of the deal, if the appraisal comes in low (and the seller refused to reduce the price). You would simply add a standard clause to your contract that says, "If the house is appraised below the agreed-upon purchase price, the buyer can exit the contract and reclaim any earnest money.
What to do when the appraisal comes in low. It is a fact of life that appraisals are coming in conservatively at present. But don’t expect the lender to order a second appraisal or honor a separate one you get..
· ”If the appraisal comes in low, we ask the buyer if they would like to make adjustments or pay for them in cash,” says Baughman. “Sometimes we meet them in the middle.” Some builders also are taking the route of requiring buyers to sign an addendum to the contract that says they can’t cancel the contract or request a reduction of the.
· If the appraisal comes back to low, it would be retarded for me to pay 10 grand above the appraisal. If the seller is anything like you, and doesn’t negotiate, I will walk away. Why would I spend 10 grand when I could buy a house for much cheaper and spend that money to make it my own.
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