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Updated almost 8 years ago on . Most recent reply
When House Doesn't Appraise High Enough
Hi I'm new to the BP community. I would like to understand the process when you've bought a property either a rental investment property or primary residence, and the house doesn't appraise for the value of what you agreed to buy it for. What happens then?
Most Popular Reply
Joe Villeneuve
#4 All Forums Contributor
Pro Member
#4 All Forums Contributor
- Plymouth, MI
Originally posted by @John Michael:
Hi I'm new to the BP community. I would like to understand the process when you've bought a property either a rental investment property or primary residence, and the house doesn't appraise for the value of what you agreed to buy it for. What happens then?
Then you don't buy it...at least for the agreed upon price. The appraiser is God in REI as far as property values. That low appraisal just gave you an engraved invitation to renegotiate the price lower.