What if my appraisal comes in low? | Real Estate Appraisers

What if my appraisal comes in low?: This can happen for varied reasons. An appraiser may make a mistake. Or, a low appraisal may reflect a decline in the real estate market, or indicate that a property was overpriced to begin with.; If you are the seller, it may be worth it to lower your price to secure the sale.; If you are the buyer, begin by asking your lender for a copy of the appraisal report. Compare the home you want to buy with the comps listed in the report. Is the square footage roughly the same? Were the comp properties built around the same time? Do they have the same number of bedrooms and baths? Are there errors that might result in a low appraisal?; You can also ask your real estate agent to provide the appraiser with a summary of comps that supports the home’s list price. And, if necessary, ask the lender for a second appraisal with a different appraiser.; If all else fails, you can consider cancelling the purchase contract. Ask your agent if your contract includes an appraisal or financing contingency. If so, you can probably cancel and reclaim your earnest money deposit.; [Back]