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If you are financing the home you buy, the bank will order an appraisal of the property to make sure they are not lending more money on the property than what it is worth. If your appraisal comes back for less than the purchase price, here are some steps you can take:
– Re-negotiate the price with the seller
– Review the appraisal report to see if there are any errors
– Ask for a new appraisal
– Bring the difference between the appraised value and purchase price in cash to closing
You may also have the option of walking away from the purchase if a solution can not be reached.
For guidance on your home purchase, reach out!
