It 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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6438 W Mercer Lane Glendale, AZ 85304
$490,000
3
Beds
2.5
Baths
1,570
SqFt
Status
Active
MLS #
6628488
Property Type
Single Family Residence
Price Type
--
This home is the absolute definition of ''turn-key''. From solar panels and a brand-new roof to new carpet, paint and appliances the list of improvements are too long to list in this description (ask for the list)! With over 90k worth of improvements this home sits ready to go on a corner lot and with NO HOA. With one of the larger lots in the Montara community, you will find yourself walking distance to a fantastic neighborhood green belt and community parks. Welcome home!
20813 W Minnezona Avenue Buckeye, AZ 85396
$490,000
3
Beds
3
Baths
1,771
SqFt
Status
Active
MLS #
6653557
Property Type
Single Family Residence
Price Type
--
This home has an Energy Star rating for energy efficiency. Located within the award winning community of Verrado & the active adult neighborhood of Victory, this well kept 3 bedroom, 2 bath, 3 car garage home has nice views of both the Whitetank & Estrella mountains. The 3rd bedroom has double doors that allow it to be an office or den. It is one level home, tile floors, beautiful cabinets & just a few years old. Landscaping is low maintenance & the driveway is pavers. Come look at this wonderful home that is ready for you to move in now. Washer, Dryer & refrigerator are included. Verrado has medical services, eateries, CVS pharmacy, multiple grocery stores, over 60 parks, established hiking trails, vet services & more. The Victory HOA also has a gym for active adult residents
40779 N Citrus Canyon Trail Phoenix, AZ 85086
$490,000
3
Beds
2
Baths
1,638
SqFt
Status
Active
MLS #
6659726
Property Type
Single Family Residence
Price Type
--
Welcome to your perfect retreat! Amazing View Lot Backyard. This 3-bed, 2-bath gem features an inviting open floor plan, backed by a tranquil open space. Enjoy the low-maintenance backyard with extended pavers, a darling gazebo, and a charming front porch. Inside, relish modern updates such as new granite kitchen countertops, updated carpet, ceiling fans, lights, and faucets. Community perks include the Anthem Community Center with a water park, tennis courts, parks, and more. Embrace comfort and style in this meticulously cared-for home - your sanctuary awaits!
11748 W Foothill Drive Sun City, AZ 85373
$490,000
4
Beds
2.5
Baths
3,207
SqFt
Status
Active
MLS #
6662509
Property Type
Single Family Residence
Price Type
--
!!NOT AN AGE RESTRICTED HOME!!!BEST PRICE PER SQFT in Crossriver! Welcome to this grand two-story home. This gem offers a 2-car garage, a mature shade tree, & a cozy front porch for your morning coffee. Be impressed by the delightful interior boasting an inviting living room adorned w/a designer palette, plush carpeting and plenty of room. Spacious open layout w/direct backyard access makes indoor/outdoor living fun! The kitchen includes SS appliances, ample counter space, wood shaker cabinetry, recessed lighting, & an island w/a breakfast bar. Discover a well-sized loft ideal for an entertainment center. The main retreat has a private bathroom w/dual sinks & a walk-in closet for added comfort. The backyard provides a covered patio, excellent for afternoon relaxation. What's not to like?
722 W Desert Valley Drive San Tan Valley, AZ 85143
$490,000
3
Beds
2
Baths
2,108
SqFt
Status
Active
MLS #
6662602
Property Type
Single Family Residence
Price Type
--
Your new homes awaits in the desirable Skyline Ranch II community! Within walking distance to an Elementary School and parks, this community is also close to restaurants, shopping and entertainment. Step inside to discover a beautifully maintained interior boasting an open floor plan with vaulted ceilings, creating an airy and spacious ambiance throughout. Home features a new AC system, window shade screens (blocking 90%), fresh interior and exterior paint, and new rock landscaping throughout for effortless upkeep. Enjoy the inviting backyard oasis complete with a fire pit for family gatherings plus a luxurious pool, complemented by a new pool pump for your ultimate comfort and enjoyment. Entertain guests or simply relax in style! With a garage door, smoke alarms, and a hot water heater all less than 5 years old, this home offers both modern convenience and peace of mind. Don't miss the opportunity to make this exquisite property your own
1944 E Palmcroft Drive Tempe, AZ 85282
$490,000
3
Beds
2
Baths
1,586
SqFt
Status
Active
MLS #
6665416
Property Type
Single Family Residence
Price Type
--
This is a charming single family home that features 3 bedrooms and 2 updated bathrooms. This house has a stunning dream backyard perfect for any family and your fur babies. New tile flooring as well as new roof covering as of December 2023. This home is very conveniently located near parks, freeways, and public schools. This gem offers a beautifully renovated front and back yard on a quarter of an acre lot with a lush lawn that includes an RV gate with no HOA. In the bright and spacious outdoors you will also find 2 sheds, a covered patio, seating areas, and trees. This home is in a prime location within Tempe, Arizona within a 10-minute drive to the ASU campus.
203 S Penn Avenue Prescott, AZ 86303
$490,000
2
Beds
1
Bath
897
SqFt
Status
Active
MLS #
6668148
Property Type
Single Family Residence
Price Type
--
A Cozy Cottage-style Home Located Just 8 Blocks From Historic Courthouse Plaza in Downtown Prescott! This 897 SqFt , 2BR/1BA/1 GAR Home Features a Charming Patio Where You Can Relax and Enjoy The Prescott Weather. Open Kitchen and Dining Area With Sliding Glass Door That Leads to Tranquil Front Patio, Interior Features Include Vinyl Plank Flooring, Horizontal Blinds, Lighted Ceiling Fans and So Much More! Zoned For Multi Family! Don't Miss Out On This One!
9139 W Gelding Drive Peoria, AZ 85381
$490,000
4
Beds
2.5
Baths
2,176
SqFt
Status
Active
MLS #
6668188
Property Type
Single Family Residence
Price Type
--
Beautiful two-story home in great Peoria neighborhood! This home features a spacious living and dining room and kitchen with granite counters and stainless steel appliances. The great room has a stunning banister that leads to the second level. The primary bedroom features a large closet and en-suite bath with a separate tub and shower and dual sinks. The backyard features a sparkling pool, covered patio, and grassy area. Located close to Rio Vista park, shopping, restaurants, and a short drive to Park West!
17809 W Lincoln Street Goodyear, AZ 85338
$490,000
3
Beds
2
Baths
2,205
SqFt
Status
Active
MLS #
6668243
Property Type
Single Family Residence
Price Type
--
Take a look at this beautiful home located in the desirable community of Canyon Trails! Formal living and dining room as you walk in. A great room with eat in kitchen and family room. Full surround sound and sliding glass door that leads to the backyard desert oasis. This beautiful backyard has a pavers, turf, salt water pool, gas fire pit and gas grille that makes it perfect for entertaining! The Large master bedroom, master bath, bonus room and walk-in closest also has a separate entrance from the backyard! The two bedrooms are split from the master for privacy. Third car garage can be used as a workshop, man cave or storage with an a/c unit. Canyon Trails has a community pool and rec center. Near Canyon Trails Shopping Center and easy access to the I-10 and 303. Quiet Neighborhood
17759 W Maya Way Surprise, AZ 85387
$490,000
4
Beds
2
Baths
2,126
SqFt
Status
Active
MLS #
6668674
Property Type
Single Family Residence
Price Type
--
Looking for a beautiful home with all the great features inside and a stunning backyard with pool? This is it! Inside you'll find 4 bedrooms plus a den/office, open kitchen with large dining space, upgraded tile throughout the house. Outside you'll find a fantastic fenced play pool that's solar heated, extended pavers patio area for fun or entertaining and much more.
8214 E Chaparral Road Scottsdale, AZ 85250
$490,000
3
Beds
2
Baths
1,352
SqFt
Status
Active
MLS #
6674047
Property Type
Townhouse
Price Type
--
Step into luxury living with this completely renovated 3-bedroom, 2-bathroom townhome, boasting a single-level, split floor plan design. The kitchen features sleek stainless steel appliances and stunning quartz countertops with an elegant backsplash. Retreat to the spacious primary suite, complete with a generous walk-in closet, a luxurious ensuite bathroom featuring a dual vanity, and a custom tile shower. Outside, indulge in your own charming patio, while having the convenience of two dedicated carport spaces and separate storage. This end unit property offers the ultimate in tranquility, while being just steps away from Chaparral Lake Park, Old Town Scottsdale, Fashion Square Mall, and an array of shopping, dining, and recreational options. Experience the epitome of urban living wit h easy access to greenbelt parks, bike/walking paths, and more.
16905 S Rio Vista Road Mayer, AZ 86333
$490,000
4
Beds
3
Baths
2,350
SqFt
Status
Active
MLS #
6676647
Property Type
Single Family Residence
Price Type
--
Meticulously maintained 4 Bedroom 3 Bathroom home is ready for a new family! This is a move-in ready house with a generous floorplan situated on a beautiful acre of land. Room for your RV on the side and 3 Car Garage attached. Wide circle driveway can accommodate your Toy Hauler and cars. Panoramic Views out all the windows! No HOA! Close to State Land and trails for days. Cordes Lakes is 3,700 in elevation and the perfect mild climate. Easy access to PHX, Prescott or Sedona. Lying in the foothills of Prescott Valley, Cordes Lakes has common terrain of a middle latitude desert, including but not limited to tall, long stretching hills, mesas, several species of cacti, and large rock formations. The Cordes Lakes' back roads lead straight to the Agua Fria National Monument.