Strategies and Options to Deal with a Low Home Appraisal
Tuesday, 14 May 2024, 13:30
Dealing with a Low Home Appraisal: What to Do Next
Encountering a low appraisal can be a hurdle on your path to homeownership. Here are potential strategies and options to address this issue:
- Get a larger mortgage: Borrow more money to make up the appraisal shortfall based on your lender's flexibility.
- Increase your down payment: Add extra funds to cover the difference between the appraised value and your purchase price.
- Renegotiate with the seller: Discuss the possibility of adjusting the home's sale price directly with the seller.
- Request a new appraisal: Consider a second appraisal if you believe the initial one was inaccurate.
- Walk away: As a last resort, be prepared to abandon the purchase if other solutions aren't viable.
Each of these options comes with its own set of considerations, and deciding the best course of action requires careful evaluation of your financial capabilities and market conditions.
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.