3 Things To Do if the Appraisal Comes Back Low
One of the most important parts of buying or selling a home is the appraisal — it tells you and the bank how much the property is worth, and it usually determines how much the bank is willing to loan the buyer for a mortgage.
This is because the bank doesn’t want to lend more money to the buyer than the property is worth. So what do you do when the appraisal comes back too low?
If you need a home appraisal in Maryland, Virginia, or DC, contact Coakley Realty today at 301-340-8700.
What You Can Do if the Appraisal Is Too Low?
As the seller, you have more options about what you can do if the appraisal comes back lower than you were hoping. Some of your options include:
- Renegotiating the price: If the appraisal comes back low, but close to the listing price, you can simply lower or re-negotiate the price with the buyer so it’s agreeable for everyone — including the bank.
- Requesting a second appraisal: Of course, you may also order a second appraisal if you believe the first one was inaccurate due to the inexperience of the appraiser or other factors. It’s possible a second home appraisal could turn out a different value for the property.
- Improving the home: If the appraisal comes back low, there may be things you can do around the house that would improve it, including home maintenance, repainting, and repairs.
Unfortunately, if you can’t lower the price or improve the home, and the appraisal still comes back lower than you were hoping, your only option may be to take the home off the market. Otherwise, you have to hope someone will love the house enough to pay the difference out of pocket.
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Call Coakley Reality for an Appraisal in MD, VA & DC
If you need to schedule an appraisal for your home or if you want a second opinion on the value of the property, call the experts at Coakley Realty.
Our fully trained and experienced appraisers have provided exceptional service to the residents of Maryland, Virginia, and Washington, DC, since 1989. Let us put our years of experience to work for you.
Contact us online or call 301-340-8700 to request your appraisal.
