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.
Click Here to See What Your Home is Worth
30596 W Mitchell Drive Buckeye, AZ 85396
$475,000
4
Beds
3
Baths
2,684
SqFt
Status
Active
MLS #
6658563
Property Type
Single Family Residence
Price Type
--
NOW OFFERING $5K IN SELLER CONCESSIONS AND OWNED SOLAR!!! Immerse yourself in the serenity of this well-maintained home in the Sonoran Desert. This captivating single-story retreat is nestled within the close-knit Tartesso community. The highly sought after Onyx floor plan boasts 4 bedrooms, 3 bathrooms, and a study perfect for an office. Upgrades to the home include: wood plank porcelain tiles, stainless steel appliances, and OWNED water softener. The oversized, tranquil, and professionally designed backyard is an entertainer's delight. Enjoy the majestic White Tank Mountains with its hiking trails and breathtaking vistas. Just minutes from the I-10, you can explore the vibrant Phoenix metropolitan area at your leisure.
4747 W Sunnyside Avenue Glendale, AZ 85304
$475,000
3
Beds
2
Baths
2,048
SqFt
Status
Active
MLS #
6659231
Property Type
Single Family Residence
Price Type
--
The search is finally over! Welcome to this lovely single level residence nestled in Glendale. Discover an inviting interior showcasing gleaming wood floors, designer color palette and a charming fireplace ideal for relaxing during cozy nights at home. The well-appointed kitchen boasts wood cabinetry, sleek granite counters, stylish mosaic backsplash, double wall oven and built-in appliances. All bedrooms feature private outdoor patio access. Bathrooms have been updated and are absolute masterpieces featuring granite counters, travertine and tile! Spend relaxing afternoons along with your loved ones in the quaint yard, offering mature lush landscaping, open patios, detailed granite concrete work and beautiful citrus trees! This is one you don't want to miss!
1657 S Murdock Road Camp Verde, AZ 86322
$475,000
3
Beds
2
Baths
1,533
SqFt
Status
Active
MLS #
6696487
Property Type
Single Family Residence
Price Type
--
Welcome to your new home! This charming 3 bed, 2 bath sanctuary boasts 1532sqft of comfort and style. Nestled on a private well, enjoy peace and serenity. Revel in the modern touches with a newer roof, fresh flooring, plush carpet, and upgraded lighting fixtures. Gather around the cozy fireplace in the family room for memorable evenings. Don't miss your chance to make this haven yours!
1521 N Victor Drive Prescott, AZ 86301
$475,000
3
Beds
2
Baths
2,400
SqFt
Status
Active
MLS #
6673728
Property Type
Single Family Residence
Price Type
--
Discover the perfect blend of rustic elegance and modern comfort in this 3-bed, 2-bath log cabin home. Boasting 2400 sqft, this amazing cabin offers an updated kitchen, ideal for entertaining. Step onto the expansive back deck to soak in breathtaking panoramic views of Prescott and Prescott Valley. With so many possibilities this home could be great for families, rental property, or a second home. Within minutes to shopping and medical. The potential in-law suite adds versatility, while the home's thoughtful features include a newer roof (2016), enhanced drainage work, and an upgraded electrical panel. Experience energy efficiency with owned solar panels, ensuring sustainability and savings. This Prescott gem is your gateway to cozy mountain living and endless Arizona skies.
16218 N 99th Drive Sun City, AZ 85351
$475,000
2
Beds
2
Baths
1,886
SqFt
Status
Active
MLS #
6675810
Property Type
Single Family Residence
Price Type
--
Breathtaking views and gorgeous sunsets on this Riverview Golf Course location! Overlooking what feels like your own pond is this 2 bedrooms, 2 bathroom home, formal dining, nice size den, family room, plus a bonus area for your office or storage and large front room for gatherings. New windows through out, open and bright Arizona room overlooking the course. Large front patio with pergola and pergola also extended over front parking. Home is in good condition and ready for its new owner.
11237 N 49th Drive Glendale, AZ 85304
$475,000
4
Beds
2
Baths
1,952
SqFt
Status
Active
MLS #
6675792
Property Type
Single Family Residence
Price Type
--
This block home as a new roof, new dual pane windows, new water heater, new garage door and motor, new pool heat pump for your heated pool along with pool motor, new water softener, fridge and dishwasher. There is a good sized living room off the entry and formal dining. The kitchen has granite tile countertops with backsplash, white cabinets, tile flooring, deep kitchen sink with upgraded faucet, and recessed lighting. The family room has a large exposed wooden beam a fireplace and mantle leading to a covered backyard patio with a heated pebble tec pool with diving board. The master bedroom is very spacious with a walk-in closet. The home does have leased solar with a $149 monthly payment that the seller will pay off at closing. Community park with playground, tennis courts, and basketball courts right down the street
695 Pauley Drive Prescott, AZ 86303
$475,000
3
Beds
2
Baths
1,636
SqFt
Status
Active
MLS #
6676443
Property Type
Single Family Residence
Price Type
--
Under $500K...AND less than a mile from the Courthouse Plaza! Charming 3 bedroom, 2 bath with great views, mature trees. Recently renovated with New Flooring, Carpet, Interior Paint, Central AC, a Bonus/Shop/Hobby Room in a 2-Car Garage, and more! Enjoy the coziness of your Wood Burning Fireplace and the serenity of the Creek from your back deck...all tucked away on a quiet cul de sac.
18449 W Piedmont Road Goodyear, AZ 85338
$475,000
3
Beds
2
Baths
1,998
SqFt
Status
Active
MLS #
6677574
Property Type
Single Family Residence
Price Type
--
Fantastic Estrella Mountain Ranch home with a beautiful, open floorplan by Engle Homes. Homesite has plenty of room between neighboring homes. Solar panels are owned. 3 bedrooms,2 bathrooms, 2 car garage with 3rd bay (can easily be changed back) currently a craft room. Formal dining room also can be a den. Kitchen has plenty of cabinet space, stainless appliances, and island. Backyard is entertainer dream with heated pool and waterfall, covered patio, outdoor fireplace, built in BBQ, and plenty of space for Fido.
17462 W Straight Arrow Lane Surprise, AZ 85387
$475,000
4
Beds
2
Baths
2,126
SqFt
Status
Active
MLS #
6683810
Property Type
Single Family Residence
Price Type
--
Great price for a great floorplan with a 3-car wide garage and RV gate! Upgraded kitchen has a gas cooktop, wall oven and microwave. Reverse osmosis water filter. Extra cabinets in the dining area. Cabinets in the large laundry room that is pre-plumbed for a sink. Master bedroom is very spacious. Tankless, gas hot water heater. Energy efficient and never run out of hot water! Water softener. Extra wide lot has an RV gate that is perfect for a trailer or extra vehicle storage. Back yard is large and undone. Nothing to tear out to make your dream yard! Huge grassy park is one house away. Excellent community pool if you don't want your own. NO SOLAR! You don't have to get stuck with a lease you don't want! This home is ready for your personal touches to make it what you want!
1824 N Vista Lane Casa Grande, AZ 85122
$475,000
5
Beds
3
Baths
2,942
SqFt
Status
Active
MLS #
6697569
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home on a serene cul-de-sac lot, surrounded by lush landscaping and boasting a crisp curb appeal. With only one neighbor, you'll enjoy privacy and tranquility in this peaceful neighborhood. Step inside and be greeted by a grand entryway into the spacious living room, featuring vaulted ceilings, two-tone paint, and stunning wrought iron railing. The open floor plan flows seamlessly into the eat-in kitchen with a breakfast bar, perfect for entertaining guests or enjoying family meals. The kitchen is any chef's dream with stainless steel appliances, maple spice cabinets, crown molding, and recessed lighting. Enjoy cooking outside in the outdoor kitchen equipped with a built-in BBQ while taking in views of your beautiful koi pond. Retreat to your primary bedroom oasis with access to a private view deck where you can relax and take in the breathtaking surroundings. The en-suite bathroom offers raised vanities with dual sinks, separate shower/tub, double closets for ample storage space. This former model home also features an upstairs laundry for convenience and a downstairs mother-in-law suite for guests or multigenerational families. Don't miss out on this rare opportunity to own such a unique home that checks off all boxes - location, privacy, luxury amenities - all wrapped up in one gorgeous package!
1206 W El Alba Way Chandler, AZ 85224
$475,000
3
Beds
2
Baths
1,320
SqFt
Status
Active
MLS #
6681749
Property Type
Single Family Residence
Price Type
--
New listing in Chandler's very desirable College Park community. This 3 bedroom, 2 bathroom, single level home features 1,320 sf of living space, updated kitchen, and a sparkling pebble-tec pool. This home underwent an extensive remodel in 2013. More recent updates include all new dual-pane vinyl windows, new pebble-tec pool finish, high efficiency variable speed pool pump, and travertine pool deck all done in 2021. The kitchen features beautiful wood cabinetry, granite countertops, stainless steel appliances, and a huge walk-in pantry. The wood flooring throughout the main living spaces adds a warm, rich feel to the home. The primary bedroom is bright and spacious with a walk-in closet and attached ensuite bath with a walk-in shower. Fridge, washer, & dryer included!
5814 W Evergreen Road Glendale, AZ 85302
$475,000
4
Beds
2
Baths
2,129
SqFt
Status
Active
MLS #
6681166
Property Type
Single Family Residence
Price Type
--
No HOA plenty of room for toys. 4 bedroom 2 bath with pool. Remodeled baths, newer kitchen cabinets, AC replaced in 2023, newer hot water heater, keep utility bills lower with Solar loan with fixed payments. Large diving pool 2.5 car garage, nice landscaped backyard with covered patio, and large storage shed in a great location just minutes from ASU West, Hwy 17, Grand Canyon University.