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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18741 E Elizar Drive Gold Canyon, AZ 85118
$473,995
4
Beds
3
Baths
2,070
SqFt
Status
Active
MLS #
6679885
Property Type
Single Family Residence
Price Type
--
Entrada Del Oro..... Entrance to Gold! Charming 4BR/3BA home! The front yard offers picture perfect views of the Superstition Mountains and is the ideal place to enjoy evening sunsets. Beautiful wood Laminate flooring throughout with carpet in the bedrooms, kitchen comes w/GE kitchen appliances & Quartz counter tops, two tone interior paint. The front yard comes desert landscaped and driveway is complete with pavers, and a double gate for easy access to the back yard. Make this home yours today!
19564 W Cambridge Avenue Buckeye, AZ 85396
$473,995
4
Beds
3
Baths
2,070
SqFt
Status
Active
MLS #
6686661
Property Type
Single Family Residence
Price Type
--
Discover this ranch-style Agate home, ready for quick move-in! Included features: a covered entry; a large flex room; a corner kitchen boasting an alternate layout, 42'' cabinets, stainless-steel appliances, an island and an adjacent dining room; an inspired great room; a serene primary suite showcasing a sizable walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms; a full shared bath and a charming covered patio. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, ceiling fan prewiring and additional windows in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.
14380 W Alameda Road Surprise, AZ 85387
$473,645
4
Beds
2.5
Baths
2,123
SqFt
Status
Active
MLS #
6676496
Property Type
Single Family Residence
Price Type
--
Up to 2% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6676496 ~ Introducing Plan 35R3 at Rio Vista at Rancho Mercado! The spacious gathering room exudes openness and airiness, seamlessly connected to the dining area and complemented by an inviting kitchen featuring a central island, pantry, and ample counter space. Experience the joy of al fresco dining, quality time with family, or intimate gatherings with friends on the covered back patio. Ascend the stairs to discover the owner's suite boasting a generously sized walk-in closet, double vanity, and luxurious walk-in shower. Three additional bedrooms share a well-appointed full bath, while the convenience of the laundry room completes the second floor. Structural options include: paver front porch, garage service door, alternative A/C location with gate, 8' interior door, and soft water loop.
4780 S Ferric Avenue Mesa, AZ 85212
$473,245
3
Beds
2.5
Baths
1,785
SqFt
Status
Active
MLS #
6694664
Property Type
Single Family Residence
Price Type
--
This stunning home is NOW AVAILABLE in one of Eastmark's neighborhoods, nestled within Mesa's celebrated masterplan. Situated conveniently close to The Great Park, this single-family residence, Plan 2, boasts three bedrooms, two and a half bathrooms, an upstairs laundry, and a 2-car garage. Home includes designer upgrades specifically selected for this home. Explore the amazing amenities in this dream community, boasting 77 parks, a stunning pool, clubhouse, orange monster play area, skatepark, splash pad, baseball, softball and soccer fields, disc golf, future pickle ball courts and easy access to highways and shopping.
4554 S Nageli -- Mesa, AZ 85212
$473,237
3
Beds
2.5
Baths
1,688
SqFt
Status
Active
MLS #
6676927
Property Type
Single Family Residence
Price Type
--
*NEW CONSTRUCTION* Home is ready to close this month! This versatile and cozy Citron - a three-bedroom home with a loft and 2.5 bathrooms is such a popular plan for a reason! Features include gas appliances, Tankless Water Heater, Reme Halo Whole House Air Purifier. The home features a Gourmet Kitchen, Espresso colored cabinets is stunning against the White color Quartz counter-tops in the kitchen along with a complimentary tile back-splash. This home highlights a gorgeous 12x24 tile floor throughout the downstairs and the wet areas upstairs. This home has a split floor-plan creating privacy to the primary bedroom!
25803 N 185th Drive Wittmann, AZ 85361
$472,995
4
Beds
3
Baths
2,040
SqFt
Status
Active
MLS #
6664207
Property Type
Single Family Residence
Price Type
--
Explore this exceptional Sapphire home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a bathroom in lieu of two closets; an impressive kitchen offering 42'' cabinets, quartz countertops, a center island; an elegant dining room, a spacious great room, teen room, a lavish primary suite showcasing a 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 offers additional windows, wood laminate flooring and added pre-wiring through-out.
17770 W Running Deer Trail Surprise, AZ 85387
$472,995
4
Beds
3
Baths
2,090
SqFt
Status
Active
MLS #
6679314
Property Type
Single Family Residence
Price Type
--
This 4 bed/3 bath with en suite Emerald model shines as brightly as its namesake. An airy, open layout showcases the kitchen, dining room and the great room which leads to the covered patio via double slider center-meet door. This plan is a great option for multi-generational living with the en suite, featuring a living room and a private bed, bath wet bar and lounge area. Included features such as an inviting covered entry, 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 select areas. 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!!!
12126 W Luxton Lane Avondale, AZ 85323
$472,990
3
Beds
3
Baths
2,113
SqFt
Status
Active
MLS #
6625862
Property Type
Single Family Residence
Price Type
--
Ask about builder incentives! The single-story Sterling plan at Alamar offers 3 bedrooms plus a study, 3 baths, a 2-car garage, and outdoor living. This well-designed home features a great room layout with a stunning kitchen featuring Quartz countertops, 42'' cabinets with underlighting, stainless steel gas appliances, recessed canned lighting, a walk-in pantry, and a spacious kitchen island with a breakfast bar. The cozy primary suite is generous in size featuring an ensuite bathroom with a dual sink vanity, separate shower and tub, and a huge walk-in closet! Discover Alamar, an exquisite master-planned community designed to cater to your active lifestyle. With sports courts, neighborhood parks, a resort-style pool, and a sprawling 9.5-mile trail system, outdoor adventures awaiting. Additionally, you'll be delighted to find a 40-acre regional park with a serene catch-and-release lake nearby, along with plans for a future K-8 elementary school. Structural options added include bedroom 4 in place of tandem garage, study in place of bedroom 3, multi slide glass door at gathering room, garden tub, and separate shower at owner's bath, garage service door, and soft water loop. The backyard and interior of the home have been virtually rendered.
2311 W Claremont Street Phoenix, AZ 85015
$472,900
5
Beds
4
Baths
2,081
SqFt
Status
Active
MLS #
6621326
Property Type
Single Family Residence
Price Type
--
Beautifully remodeled home! Very spacious home with updated features. Has new tile, new windows, new ceiling fans, updated kitchen with granite counter tops, updated bathrooms, new paint in and out of property. Great for big families or first time home buyers that want a lot of house for their buck. Come have your buyers check it out! ***Seller is willing to help buyers with 3% seller concessions as well as pay for home warranty!!***
25177 W Bowker Street Buckeye, AZ 85326
$472,750
4
Beds
3
Baths
2,511
SqFt
Status
Active
MLS #
6674472
Property Type
Single Family Residence
Price Type
--
BEAUTIFUL home ready in May! This home has ALL the space you need!! Need a 4th bedroom with own full bath downstairs?! Flex room downstairs and half bath for guests too!! Upstairs loft is huge! Great closet space, comfort height toilets throughout, and square bathroom sinks. This home has electrical upgrades that include flat screen prewires and upgraded lighting, soft water loop, 8' interior doors, and it's a Smart Home! Gorgeous interior with lots 18''x18'' tile. white cabinets with polished nickel hardware, herringbone design backsplash and beautiful granite countertops! Wait until you see the oversized kitchen island with breakfast bar and single bowl sink. Three car garage, Smart door opener and keyless entry. This home is EVERYTHING!!!
7934 W Sands Road Glendale, AZ 85303
$472,728
4
Beds
2
Baths
1,682
SqFt
Status
Active
MLS #
6685213
Property Type
Single Family Residence
Price Type
--
Beautiful single-story home conveniently located in desirable Glendale minutes to shops, restaurants and entertainment! This home offers our FARMHOUSE LOOK interior selections with White Shaker 42' cabinets, quartz countertops, Black Matte cabinet hardware, beautiful upgraded faux wood 6x24 Resemblance flooring and lush carpet in bedrooms. This home features all GE appliances with a French door refrigerator, washer/dryer, and window blinds. ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.
5613 W Roundhouse Road Laveen, AZ 85339
$472,615
4
Beds
2
Baths
1,760
SqFt
Status
Active
MLS #
6692748
Property Type
Single Family Residence
Price Type
--
Up to 2% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6692748 ~June Completion! This exquisite one-story home showcases a flawless design, distinguished by its graceful lines. The Lily floor plan at Tierra Montana Discovery features three bedrooms and two baths, with an open layout and the owner suite thoughtfully tucked away at the rear for added privacy. The kitchen boasts upgraded 42-inch maple cabinets, quartz countertops, and a bespoke tile backsplash. Complete with GE Cafe stainless steel appliances, the eat-in kitchen seamlessly integrates a breakfast bar into the dining and gathering room.