Published February 16, 2021
What If the Sale and Appraisal Prices Don’t Match Up?
Here’s what happens when your home’s appraised value is below its sale price.
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Here’s a question we hear often in today’s red-hot real estate market: “What happens if my sale price doesn’t match the appraisal?”
This is a common concern for sellers. However, if the appraised value comes in below the sale price, it is possible to get it adjusted. A low appraisal could simply be due to human error or an innocent typo.
If there aren't any errors in the report but you still disagree with the findings, your Realtor can help you prepare a rebuttal and potentially get an adjustment made to the appraised value. It’s certainly a challenge to get the price adjusted, but it’s not impossible. You’ll need your Realtor to prepare a list of comparable sold homes in the area that they feel are appropriate and support your home’s value. They’ll submit that to the lender for consideration and see if it can be adjusted.
"If you’ve exhausted all other options, it’s time to go back to the negotiating table."
If you and your Realtor have exhausted all other options, it’s time to go back to the negotiating table and for your Realtor to start negotiating with the buyer and their agent directly.
If you have any questions about buying/selling a home, appraisals, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
