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What happens if a house doesn't appraise?

Posted by: raindrop 6 years, 2 months ago

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It is not at all uncommon for appraisals on houses to come in low in this market.  There are a number of reasons that appraisals come in low, and only a few things you can do to fix the problem.

Amongst other reasons, appraisals can come in low due to declining market values, out of area appraisers, and an unusually high number of distressed sales in the area.

During these types of situations, both Buyers and Sellers have options to keep the deal from falling apart.  For example:

 

    1. The Buyer pay the difference in cash
    2. The Seller can lower the price
    3. The Buyer and/or Seller can order a second appraisal
    4. The Agents can provide a list of comparable sales to the appraiser and ask him to reconsider

 

The more educated that you are as either a Buyer or Seller your options, the more likely the deal won't fall apart.

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