The Ultimate Guide to Fighting Low Appraisals
Nearly half the home buyers in America experience something like this:
You’ve saved for a down payment and worked hard to get approved for a mortgage. After months of looking, you found a great house that meets your needs and fits your budget. Your offer has been accepted. You spent money on inspections, a title search, a survey and other closing costs. As the closing date nears, you gave notice where you live and put down a deposit on a moving company.
Then you receive a letter from your lender. Your dream home has appraised five percent lower than you anticipated based upon the price you had agreed upon with the seller. The lender is unwilling to increase the amount of your loan.
The clock is ticking toward closing. If you don’t come up the difference in time, the house is gone. You’re out of pocket for your costs to date and you have to start your search over. It may take months or longer to find a deal
Whether you’re a buyer or seller, now you can fight back when a low appraisal threatens to cost you serioious money, or to lose the house of your dreams.