When the lender calls tell me the appraisal came in low

I've received a "tidewater" twice this year on a VA appraisal. It's no fun and very stressful trying to be sure I've found the right comps to justify the pricing to protect my client's purchase price! Fingers crossed we win this one!!

For those who don't already know... A bank will only lend on the appraised value. So if the appraiser determines the property to be LESS than the contract price, we have to go back to negotiating. Sellers usually want buyers to come up with this "gap" between appraised value and contract price. Buyers want sellers to lower the price based on the appraisal. Depending on where we are in a buyers or sellers market dictates a lot about who is likely to concede and get the deal done.

Find this helpful? Please like, comment and follow for more real estate tips!