Home Appraisal Was $27K Lower!

[Dannielle O'Buckley]

Hey Guys! I am a first time home buyer and I just got the appraisal for the home I am under contract for and it was $27,000 lower than the contact price.

The home was originally listed for $205k and it was negotiated down to $202k. It was a stringent process to get the seller to budge even a little bit plus they didn’t want to do any of the repairs requested even with the inspection report.

I have been reasonable and tolerant, but I refuse to put even more money on the table (plus I can’t put more money down). I’m hesitant that the seller will come down to the 175k.

What are your guys thoughts?

[Russell Brazil]

Step 1 see if the seller is willing to reduce the price.

Step 2 challenge the appraisal. Anyone involved in the transaction, buyer, seller, agents can all challenge it.

Step 3 switch lenders so you can get a new appraisal.