Low Appraisal
If the appraisal comes in at less than the contracted sales price:
The sellers may be open to negotiation options that include a reduced sales price.
OR
The buyers might need to cover the difference between the loan amount and the appraisal amount to keep the loan value ratio within acceptable limits.
YOU CAN SAY
The selling price and actual market value of a home do not always align.
On one hand, of course, we know that the value of a home is whatever a buyer is willing to pay for it, but we need to keep in mind that the buyers’ lender has a considerable amount of skin in the game.
Until the mortgage is paid off, the lender actually “owns” a portion of the home and cannot approve a mortgage for more than the appraiser says it’s worth.
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