Understanding Appraisals and What to Do If Your Home Doesn’t Appraise for Its Purchase Price

Understanding Appraisals and What to Do If Your Home Doesn't Appraise for Its Purchase PriceIt can be a bit of a surprise if your home turns out to be valued at less than the purchase price offered, but this is the type of thing that can occur in an appraisal situation. While this can change everything from your contract to the amount of your down payment if your home has been appraised at less than you envisioned, here are some options you may want to consider.

Review The Appraisal Contingency Clause

If an appraisal contingency clause is built into the terms of your contract, this means that the terms of your contract can be re-evaluated and re-negotiated if an appraisal happens to come up short. While this is meant primarily to protect the homebuyer against a lower appraisal, it doesn’t mean that the terms of a new deal can’t be met for the good of both parties.

Get A Second Appraisal

It’s entirely possible that the initial appraisal is accurate, but it doesn’t necessarily hurt to get a second opinion in the event that the first appraisal seems too low. While you can work in conjunction with your lender to get a second appraisal, you may need to pay for it the second time around in order to get your initial purchasing price. Whether it happens to be good news or bad news, it can be worth the peace of mind to know how to proceed.

Consider A Lower Price

It’s less than ideal when your home is appraised for less than the purchase price, but this doesn’t have to be a deal breaker when it comes to selling it. While you may be able to get away with a higher price for your home in a hot real estate market, if things have cooled off, this can be an important time to re-negotiate the deal you’ve got. If a potential buyer likes your home and has already made an offer, they may be happy to decide on new contract terms.

It can be quite disappointing if your home is appraised at a value that is less than the offer you’ve received, but this doesn’t necessarily mean that you’ll have to put your home back on the market. Whether you and the potential buyer decide to re-negotiate or get a second opinion, there are options that can be beneficial for both parties. Give me a call with any questions – J.P. Cook – 602-320-4253.

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51651 W Highway 84 -- Maricopa, AZ 85139

$449,000
4 Beds
2 Baths
2,100 SqFt
Status Active
MLS # 6656353
Property Type Single Family Residence
Price Type --
Investment Opportunity: Own a piece of the Wild West for just $449,000! This 4.9-acre ranch, steeped in John Wayne's history, is a remarkable find, priced to reflect its potential. The main home features 4 bedrooms, 2 baths, and an Arizona room with panoramic views, all awaiting your personalized touch. The property's exceptional price accounts for necessary repairs, offering a unique chance to enhance its value. It includes two private wells; however, the plumbing project is incomplete, and the electrical system needs updating, particularly in the master and northeast bedrooms. These challenges present a clear path for improvement and upside. This ranch represents more than a home— it's an opportunity to craft your legacy in the American West. With ample garage space, RV hookups, and horse facilities, it combines rustic charm with the promise of modern living. Priced to attract investors or visionaries ready to revitalize its features, this estate promises a rewarding project. Embrace the chance to infuse this historic property with your vision, transforming it into a dream home where every corner tells a story, and every sunset ushers in new possibilities. This is your invitation to invest in a lifestyle defined by adventure and potential. Welcome to your next chapter in the heart of the West, where history meets opportunity at an unbeatable price.

371 N 157th Lane Goodyear, AZ 85338

$449,000
3 Beds
2.5 Baths
1,972 SqFt
Status Active
MLS # 6656966
Property Type Single Family Residence
Price Type --
WELCOME TO THIS IMPECCABLE OPEN CONCEPT HOME. KITCHEN HAS AMPLE WHITE SHAKER CABINETS FOR STORAGE, A LARGE ISLAND WITH BREAKFAST BAR AND UPGRADED HURRICANE LAMPS , GRANITE COUNTERS, REVERSE OSMOSIS, PATIO DOOR TO BACKYARD WITH CUSTOM BLINDS AND IS OPEN TO LIVING ROOM FOR EASY ENTERTAINING. 10 FT FLAT CEILINGS ADD TO THE OPEN FEEL OF THE HOME. CEILING FANS AND RECESSED LIGHTS HAVE BEEN ADDED BY THE SELLER, UPGRADED PLANTATION SHUTTERS ON MOST WINDOWS, UPGRADED SHOWER IN PRIMARY BATHROOM, 240 VOLT CAR CHARGER IN GARAGE, WHOLE HOUSE WATER SOFTENER, BAKYARD HAS BEEN COMPLETED WITH EASY CARE LANDSCARPE, TURF AND PAVERS FOR YOUR ENJOYMENT. BELLA ROSA HAS A COMMUNITY HEATED POOL, PLAYGROUND , WALKING PATHS AND MULTIPLE PICNIC GAZEBO'S. EASY ACCESS TO INTERSTATE 10, RESTAURANTS AND SHOPPING

14961 W Alexandria Way Surprise, AZ 85379

$449,000
3 Beds
2 Baths
1,915 SqFt
Status Active
MLS # 6657463
Property Type Single Family Residence
Price Type --
NOW OFFERING 2.5% SELLER CONCESSIONS. This spacious cottage in Marley Park will not disappoint! Direct entry through the garage or through the iconic Marley Park tree-lined walk to the front gated door. You will be welcomed by a spacious entry hall with soaring ceilings and stylish tile flooring. All bedrooms at the tree-lined front side of home, split plan. Generous primary suite has with lofty 12-foot ceiling, wood floors and blinds and an upgraded ensuite bathroom boasting a large, glass walk-in shower, dual sinks, and a custom closet that you must see to believe. Main home boasts open concept living with 9-ft flat ceilings and beautiful tile flooring. WAIT, THERE'S SO MUCH MORE... Kitchen is full of upgraded cabinetry with pull-out drawers and stylish granite countertops with under cabinet lighting. There is a large pantry and a composite double sink to boot. Have a relaxing breakfast in the eat-in kitchen or entertain in the formal dining space. Home was built on a post-tension slab and has two separate patio areas. Owner added a pergola over the side patio, along with a recent new arcadia door. The back patio tile has been extended all the way to the gate. A peaceful shady space to relax under a producing lemon tree. Laundry has been moved to the garage, but could easily be converted back to the laundry room (plumbing is in the same wall location). Garage is wide with tons of storage. And, if that isn't enough, the home has a water filtration system and AC was replaced in July 2023. Solar is in place with a low monthly lease and returns huge savings on the electric bill. Just turn the key and move in tomorrow!

7452 E Keats Avenue Mesa, AZ 85209

$449,000
3 Beds
2 Baths
1,521 SqFt
Status Active
MLS # 6658703
Property Type Single Family Residence
Price Type --
Move-in ready home with POOL is situated on prime interior N/S lot across from neighborhood park. The home feels clean and fresh- new carpet and interior paint, updated lighting, fans, appliances, faucets, toilets, door hardware. The garage is pristine with fresh paint and a new epoxy floor. Home chefs will love cooking on the 5 burner gas range/convection oven and the abundant cabinets and counter space. The home has vaulted ceilings and a spacious great room floor plan. The primary bath offers dual sinks, separate tub/shower, walk-in closet & handy exit to patio. Backyard oasis with refreshing pool, covered patio, large side yard and shed ticks all the boxes. Convenient access to dining, shopping, golf and freeways. Solar panels w/grandfathered net metering. Solar lease in documents tab

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