Oh No, The Appraisal is Lower Than My Home Purchase Offer

When the appraisal for the home you want to buy is less than your offer, how do you solve that problem?

Its not the end of the world if this happens, see below for details on a 300K house with an FHA Loan that appraises for $295K

Appraisal Summary
Agreed upon Purchase Price: $300,000.00
FHA Loan Max loan amount: $289,500.00
Down Payment (3.5%) $10,500.000
Appraisal Value:$295,000.00
Max loan now drops to: $284,675.000
With the reduced loan amount you're no short: $4,825.000

You now need $15,325.000 at closing, the original $10,500 plus the additional $4825.00

Thinkin 'of Sellin' of Buyin', Better Call Brian
614-593-1972
https://www.sellorbuywbri.com