from Home Buyer’s FAQ on yourvalleyproperty.com
What happens when the appraisal does not support the purchase price?
Surprisingly you have more options then you might think. This is not necessarily a deal-breaker. You will have the choice of walking away, as a satisfactory appraisal is a condition of your contract. Renegotiating the price or terms is often a viable alternative. You may even have discretion to continue with the agreement “as is” depending on what percentage of the purchase price is covered by your down payment.
Additional Resources for Home Buyers
- A Heads Up for Home Buyers
- Being Prepared
- For First-Time Buyers
- How Can I Help You?
- Do You Need a Buyer Agent
- Getting Pre-Approved
- Understanding Your Credit Score
- How Much Should I Offer?
- Offers and Purchase Agreements
- Who Pays for What?
