Expert Advice: Handling a Low Home Appraisal When Buying a House
Tuesday, 14 May 2024, 13:30
Handling a Low Home Appraisal: Expert Advice
Dealing with a low home appraisal can be challenging and require careful consideration of your options. Here are some strategies to help you navigate this situation:
- Get a larger mortgage: Borrow more money if feasible to cover the appraisal shortfall.
- Increase your down payment: Consider adding extra funds to your down payment to bridge the gap.
- Renegotiate with the seller: Explore the possibility of revising the purchase price with the seller.
- Request a new appraisal: Consider getting a second appraisal if you believe the initial valuation was inaccurate.
- Walk away: As a last resort, be prepared to walk away from the deal if other solutions are not viable.
Each decision can have lasting implications, so choose wisely to ensure a smooth path to homeownership.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.