5 Next Steps When the Appraisal Comes in Too Low

When recently surveyed, over a third of real estate agents reported having had one or more home sale contracts fall out of escrow per month. Autopsies of these dead deals often surface a truly lethal culprit: appraisals that come in below the agreed-upon purchase price.

You see, mortgage lenders will only fund transactions up to a certain percentage of the appraised value of the home.  If the home appraises low, either the buyer must come up with an increased down payment amount, the parties must agree to a price reduction, some combination of both of these must happen, or the deal is off.

Read full article on Trulia.

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About bobbyfletcherhomes

I am a licensed Realtor in the Great State of Texas, specializing in residential sales, leasing and property management in North Dallas and northern suburbs - exciting places like Frisco, McKinney, Plano, Little Elm and Carrollton.
Gallery | This entry was posted in Buying a Home, Credit, Financial Advice, Selling Your Home, Short Sales/REOs. Bookmark the permalink.

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