Low appraisals is an odd mortgage qualification problem in the US real estate market. These are options you can consider should you get a low appraisal amount.
The effort of a qualified person putting a value on a property is called an appraisal. In this process, a review of the property, other properties in the area is involved. Appraisals are always required by mortgage lenders and if you’re going to get the home, you’re going to have to deal with the appraisal problems.
Let’s say you’re ready to put down a down payment that’s solid, have a perfect credit, and make a ton of money. You are happy, the lender is happy and the only thing left to do is get the appraisal. Unfortunately, the appraisal comes in well below the price you have agreed to pay for the home. Now what?
First thing you need to do is take a deep breath. It’s no secret that a lot of emotion is involved in buying a home. Taking a step back from the process is what you need to do in order to analyze objectively whether the amount you’re paying for the property is too much. If you still want to proceed, take the appraisal to the seller and see if you can get the price lowered. Even if a solution a possible, you need to prepare yourself to walk away if it isn’t.
Then again, it’s possible that the fair market values of properties are dropping in the neighborhood. In your particular neighborhood, you may notice this as the market cools off. If that’s the case, then thank the appraiser because they kept you out of a bad deal.
Finally, the appraiser may simply be wrong. Appraisers are human and make mistakes. They may not be that familiar with the neighborhood. Getting appraisals that is “off” is possible due to a variety of reasons. If this is the case, then checking to make certain the property is being compared to comparable homes in the neighborhood is important. You need to have your own appraisal done for comparison purposes if all else fails.
Low appraisal should serve as a warning to you. If nothing else, you should take a closer look to make sure you aren’t getting a bad deal.
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