appraisal

[Account Closed]

If my house does not appraise at the listed price, but rather somewhat below, what are my options?
To clarify somewhat, a buyer's agent said I would then have to sell at or below the appraised amount.

doesn't the appraised amount mean what the bank will lend for it? If it is listed at 55K, and appraises at 50K, won't the lender give the 50K, and the buyer comes up with the other 5K?

Or, is it realistic to expect to sell only for the appraised amount?

Who choses the appraiser, the seller, the buyer, the lender?

Thanks.
Ofgift

[Jon Holdman]

With the new HVCC (home valuation code of conduct), its some third party that chooses the appraiser. The lender orders the appraisal, and this third party (forget the correct term) orders the appraisal.

If the lender is doing an 80% loan, for example, they mean 80% of the value. The value is the sales price or the appraisal, whichever is lower. So, if you agree on a $55K price, but the appraisal is only $50K, they would only lend $40K. If the buyer was expecting to come up with $11K for a down payment, but now has to come up with $14K, you may have a problem.