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
15430 W Amelia Drive Goodyear, AZ 85395
$475,000
2
Beds
2
Baths
2,449
SqFt
Status
Active
MLS #
6612745
Property Type
Single Family Residence
Price Type
--
Indulge in the elegance and comfort of this stunning 2-bedroom, 2-bath home nestled within the prestigious Pebblecreek active adult community. Boasting a generous 2,449 square feet of living space, this residence features vaulted ceilings which enhance the home's spacious feel and flood the interiors with natural light. New homeowners will delight in the living arrangements which include both formal and casual living spaces; a formal living room for hosting esteemed guests, a dining area for memorable dinners, and a welcoming gathering room that seamlessly connects to a chef's dream kitchen where daily camaraderie and culinary mastery come to life. Each bedroom serves as a tranquil retreat, complete with ample space and privacy. Appointed with modern conveniences, this home benefits from a 2022 roof update, a 2023 HVAC system, and a brand-new water heater, ensuring peace of mind and comfort for years to come. Pebblecreek is not just a place to live, but a lifestyle. Geared specifically for those 55 and better, this guard-gated community spoils its residents with a bounty of amenities. Challenge neighbors to a friendly game on one of the 36 pickleball courts, explore your golfing aspirations on any of the three golf courses, or take a leisurely stroll with your furry companion in the dog park. With two clubhouses and three pools, community engagement and recreation are just steps away from your front door.This property is ideally suited for active adults seeking a blend of sophistication, security, and endless social and recreational opportunities, right in the heart of Goodyear. Don't miss your chance to own a slice of paradise within Pebblecreek.
7790 W Emerson Drive Kirkland, AZ 86332
$475,000
3
Beds
3
Baths
2,593
SqFt
Status
Active
MLS #
6668827
Property Type
Single Family Residence
Price Type
--
This ranch-style hilltop home has million dollar, panoramic views for miles, nearly 7 acres of fenced and gated land, outbuildings, and potential guest house! You will love your full views of both sunrise and sunset, as well as the vast and powerful mountain ranges that fill the horizon. The peace and privacy you will find while listening to the abundant wildlife is unmatched. All your toys and hobbies will find a home on this perfectly situated property on the paved county road. The home is nearly 2600 sqft - with 3 large bedrooms, 2 bonus rooms, 3 full baths, an open kitchen with pantry, plenty of cabinet space, dining room, living room, and huge climate controlled laundry room that can double as an office, media room, or bonus space. Add to that a large attached 2-car Garage that has tons of extra space with shelves and built-in counters, well house and well equipment, detached exterior 16x12 shed (included with full-price offer only), and 600 sqft storage building with the potential to become a guest house or rental. New roof, updated flooring, and more! see attached docs for a breakdown of upgrades/updates. This town is a well-kept Prescott area secret! This peaceful location will allow you to take a deep breath and reset! 25 minutes (17 miles) from downtown Prescott and less than an hour from Wickenburg. If you are looking for rural yet convenient, don't overlook Wilhoit!
17542 W Pinnacle Vista Drive Surprise, AZ 85387
$475,000
3
Beds
2
Baths
1,895
SqFt
Status
Active
MLS #
6692945
Property Type
Single Family Residence
Price Type
--
OFFERING 2% SELLER CONCESSIONS FOR BUYERS TO USE FOR ANY PURPOSE!! Welcome to this stunning desert oasis, the perfect retreat for families and snowbirds alike. Nestled on an expansive, low-maintenance, 13,000 SQUARE FOOT LOT, this immaculate residence offers a serene and spacious environment that's truly a rare find. Step inside to find a beautifully appointed home boasting three generously-sized bedrooms and two elegantly designed bathrooms. As the original owners, meticulous care is evident in every corner of this property. The heart of the home, the kitchen, dazzles with custom granite counters that extend their elegance to both bathrooms. The inviting floor plan is designed for comfort and functionality, making it ideal for family living or entertaining guests. Each room is bathed in natural light, creating a warm and welcoming ambiance. Step outside to the covered patio, an idyllic spot for relaxation or hosting gatherings, with plenty of room to expand your outdoor living space. With a three-car parking capacity, there's ample room for vehicles and storage. This home isn't just a place to live; it's a lifestyle. The combination of a huge lot, custom upgrades, and the pride of original ownership makes this house a standout gem in a desirable locale. Don't miss the opportunity to make it your very own paradise under the Arizona sun.
2302 W Flower Street Phoenix, AZ 85015
Open House
$475,000
3
Beds
2
Baths
1,766
SqFt
Status
Active
MLS #
6700712
Property Type
Single Family Residence
Price Type
--
Assumable 2.75% rate* 3 bedroom, 2 bathroom Mid-Century Home in Historical Westwood village. One of the largest lots in the neighborhood. Updated modern accents in the right places while keeping the original historical charm. The remodeled kitchen with updated appliances, quartz countertops and breakfast nook with the original built in bar. Large primary suite with spacious closet, and backyard access. The large backyard features fruit bearing peach, lemon, and orange trees, storage shed that could be easily converted to a playhouse with an RV gate and Chicken Coop! This home is close to the city's best restaurants, entertainment, and art districts. You don't want to miss it!!
19217 W Culver Street Buckeye, AZ 85326
Open House
New
$475,000
3
Beds
3
Baths
1,300
SqFt
Status
Active
MLS #
6702009
Property Type
Single Family Residence
Price Type
--
HORSE PROPERTY WITH HORSE CORRALS IN PLACE ALREADY. RIGHT OFF 1-10 AND JACKRABBIT TRAIL WITH A NICE LITTLE GUEST HOME WITH ITS OWN BATHROOM, KITCHEN AND PORCH. ALL DETAILS TO BE VERIFIED BY BUYER. **There is no record of the well, seller has never used it** Buyer to do due diligence.
28887 N Welton Place San Tan Valley, AZ 85143
Open House
New
$475,000
5
Beds
3
Baths
3,355
SqFt
Status
Active
MLS #
6704868
Property Type
Single Family Residence
Price Type
--
Welcome to your remarkable 5-bed, 3-bath home in the desirable Johnson Ranch! Displaying a 2-car garage, RV gate, low-care landscape, & a cozy front porch. Discover a formal living room w/high ceiling and an inviting family/dining room that opens to the kitchen! The newly remodeled modern kitchen boasts SS appliances, quartz counters, a walk-in pantry, chic light fixtures, staggered shaker cabinetry, tile backsplash, and a peninsula with breakfast bar. 2 bedrooms downstairs & a spacious loft along with 3 bedrooms upstairs! Large primary bedroom has an ensuite with a barn door, separate tub/shower, dual sinks, & a walk-in closet. Unwind in the backyard with covered patio, artificial turf, & extended seating area! Act now!!
10804 W Cottontail Lane Peoria, AZ 85383
Open House
$475,000
3
Beds
2
Baths
1,889
SqFt
Status
Active
MLS #
6687334
Property Type
Single Family Residence
Price Type
--
Welcome home in the desirable Tierra Del Rio subdivision! This charming 3 bed, 2 bath residence boasts a den and a bonus room off the master bedroom, perfect for a home office or gym. Enjoy gatherings in the spacious eat-in kitchen with granite countertops, island and family room. Step outside to your private backyard featuring a covered patio, a built-in BBQ synthetic grass and cozy fire pit. With a 2-car garage and proximity to shopping, schools, TSMC factory, and freeway access, this home offers both functionality and convenience. Don't miss the chance to make this your forever home!
12321 W Virginia Avenue Avondale, AZ 85392
$474,999
3
Beds
2
Baths
2,276
SqFt
Status
Active
MLS #
6659605
Property Type
Single Family Residence
Price Type
--
BEAUTIFUL AZURE MODEL IN RANCHO SANTA FE! FEATURES: OVERSIZED CORNER LOT WITH A FULL SIZED RV GATE * 3 BEDROOMS 1.75 BATHS ( GUEST BATH HAS AN UPDATED WALK IN SHOWER)* DEN*TILE IN KITCHEN AND BATHS* UPGRADED WHITE CABINETS T/O*HUGE EAT IN KITCHEN W/ CENTER ISLAND AND TONS OF CABINET SPACE, PANTRY,WITH SLIDING DOOR, GAS STOVE, BUILT IN MICRO *FAMILY ROOM WITH WOOD / GAS FIREPLACE AND SURROUND SOUND*PLANTATION SHUTTERS* ALL THE OTHER WINDOWS HAVE ROLLER SHADES*LAUNDRY ROOM HAS DEDICATED WIRING FOR 2ND FRIG / FREEZER* 3 CAR GARAGE WITH 220 VOLT OUTLET FOR EV OR WELDER, EXTRA 110 OUTLET,UTILITY SINK*GORGEOUS BACKYARD WITH JUST THE RIGHT AMOUNT OF GRASS, DOG RUN* PAVERS, COVERED PATIO W/ STUCCO COLUMNS*NATURAL GAS HOOKUP* FLOOD LIGHTS * THIS HOME HAS MANY EXTRAS THAT YOU MUST SEE TO APPRECIAT
40386 W Michaels Drive Maricopa, AZ 85138
$474,995
4
Beds
3
Baths
2,400
SqFt
Status
Active
MLS #
6682259
Property Type
Single Family Residence
Price Type
--
The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and deluxe shower with separate tub. A private study with French doors, three bedrooms and two baths round out the residence. A covered patio is included!
17796 W Blue Sky Drive Surprise, AZ 85387
$474,995
4
Beds
3
Baths
2,046
SqFt
Status
Active
MLS #
6703698
Property Type
Single Family Residence
Price Type
--
The inviting ranch-style Sapphire floor plan welcomes guests with a covered entry. Off the foyer, you'll find two bedrooms, both with walk-in closets. The extended entry leads to an open layout with a kitchen with a center island, a dining area, and a great room with a center-meet door leading to the covered patio. The owner's suite is adjacent, and showcases dual walk-in closets and an attached bath. Explore this exceptional Sapphire home, ready for quick move-in by September 2024 on a homesite boasting driveway pavers and front yard landscaping. Included features such as an inviting covered entry; a bathroom in lieu of two closets; a well-appointed kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a roomy pantry and a center island; an elegant dining room; a spacious great room; an impressive primary suite showcasing a nice shower with bench, generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 3-car garage. This home also features 9 ft ceilings, 8'6 paneled interior doors, additional windows, ceiling fan prewiring and beautiful tile flooring in common areas as well as a nice shower bench in the owner's bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. This beautiful home is done right and has so much to offer! COME CHECK OUT THIS GEM TODAY!!! Ready for quick move-in by September 2024
18602 W Honeysuckle Drive Surprise, AZ 85387
$474,995
3
Beds
3
Baths
2,092
SqFt
Status
Active
MLS #
6645451
Property Type
Single Family Residence
Price Type
--
Welcome to this eye-catching Emerald home! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room, Laundry room closet, a bedroom and an attached bath. This home also has stone tile flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.
10834 W Grant Street Avondale, AZ 85323
$474,995
4
Beds
3
Baths
1,870
SqFt
Status
Active
MLS #
6694013
Property Type
Single Family Residence
Price Type
--
The ranch-style Larimar plan offers a seamless blend of style, comfort and functionality. The heart of this home is its open, airy kitchen, which features a center island, walk-in pantry and dining room, and flows into an inviting great room with stylish center-meet doors that provide access to the covered patio. The large primary suite boasts a well-appointed bath and an oversized walk-in closet. This home will be built with four bedrooms, plus an extra bathroom (3)! Very few homesites left.