As a buyer, what do you do if the appraisal on the hanger purchasing comes in lower than the price that you've negotiated?
Hi, I'm Amanda Oldfield with exp Realty in the Inter Lakes and 100 mile house area to obtain buyer financing. Part of the transaction process is for your lender to order an appraisal on the property. So what's an appraisal? An appraisal's, just an unbiased estimate or opinion on the fair market value of the property performed by a license appraiser. The appraisal is done through inspection of the property and also looking at recent sold comparables in the area based on the same condition, location, upgrades, et cetera. There are times, however, when an appraisal might come in lower than the accepted offer price. As a buyer, this can be frustrating and disappointing as it means you might not be approved for the full loan amount. But don't despair. There are options available to you as a buyer you can appeal the appraisal. If you and your agent believe the appraiser has missed some important details you can challenge them and ask for a reconsideration. Another option is to negotiate with the seller. The best scenario is to try and negotiate with the seller on the difference in sales price. This option is probably the easiest and can usually be completed with a good agent negotiating on your behalf. Final. If you've got an appraisal contingency in place you have the option to cancel the sale. This option's usually the least favorite route to take and that's why it's always wise to have an experienced agent with good negotiating skills that can help you work out an appraisal discrepancy to your advantage. Reach out to me today. I'm Amanda Oldfield with XP Realty, and I'd love to help strategize on the purchase of your new home and guide you through every step
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