Overcoming a $30,000 Low Appraisal

In a recent home sale, we encountered an unexpected challenge just 9 days prior to closing when the appraisal came in $30,000 under the contract price. Taking a collaborative approach, the buyer’s agent and I began exploring 3 potential solutions to overcome the appraisal setback. The seller could lower the price, the buyer could bring more money to the closing table, or the buyer could change lenders and order a new appraisal.

Every possibility had its own pros and cons, and we discussed each option at length with the buyer and seller. After careful consideration, the seller decided to request the buyer to change lenders and take a chance on a second appraisal. The buyer agreed that option was the best one in this situation, based on several factors they weighed.

The new appraisal, ordered by a different lender and conducted by a different appraiser, came in $30,000 higher than the initial one! The buyer and seller closed just a few days later than they originally planned. With some collaborative work, we were able to turn the situation around, resulting in an additional $30,000 in the seller's pocket, and a wonderful new home for a first time homebuyer.

Ready to experience a successful home sale with a dedicated and experienced real estate agent? Reach out today and let’s get started!