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.

Click Here to See What Your Home is Worth

1691 E Aspen Way Gilbert, AZ 85234

$459,900
3 Beds
2 Baths
1,386 SqFt
Status Active
MLS # 6659387
Property Type Single Family Residence
Price Type --
Brand New Carpeting. Walk in and feel right at HOME * *Excellent Condition *Newer Tile in all the right places*Vaulted ceilings, plant shelves, all w/switched outlets for accent lighting *Open, light & bright *Ceiling fans in all rooms (5) *Spacious kitchen w/island, lots of cabinets & counter space *cabinets w/adj shelves *Lg cheery Breakfast nook *pantry *Cast iron sink *Breakfast Bar *Spacious MBR w/his & hers vanities *Lg MBR walk-in closet *French door to backyard *Private covered patio *Brick borders grass area *Sprinklers & drip on timers * N/S Facing Lot* Tree lined streets *Walk to neighborhood park, school, playground, community walking paths *Walk to Freestone Park-Mini train rides, picnic, lakes, batting cages, basketball courts, bike, jog, skate, feed the ducks and Relax.

3307 N Riverside Drive Florence, AZ 85132

$459,900
3 Beds
2.5 Baths
2,658 SqFt
Status Active
MLS # 6666934
Property Type Single Family Residence
Price Type --
Private lot backing a wash (no neighbors behind!) with an amazing backyard! Custom feel with 10 foot ceilings and lots of space. Huge bedrooms and a den for your home office, craft room or game room. Large open kitchen and family room that is perfect for entertaining. Family room opens up to a covered patio, extended patio, fire pit, water feature, built-in BBQ and turf in the backyard. Just in time for Spring and Summer parties in this amazing backyard. Check out the space inside being used for the pool room! This home has a lot that others don't including a full size 3-car garage. This is a beautiful home with all the upgrades in the Award Winning Community of Anthem at Merrill Ranch. This area has it all...pools, water park, fishing, golf, restaurant and much more. Don't miss this one! **Fully Furnished**

135 S Kingston Street Chandler, AZ 85225

$459,900
3 Beds
2 Baths
1,428 SqFt
Status Active
MLS # 6669627
Property Type Single Family Residence
Price Type --
Beautiful full remodel and wonderful Chandler location. Nice interior lot with no homes behind. Split master floor plan. Double door master with vaulted ceilings. Large master bath with dual sinks, master closet with lots of drawers and shelves. Vaulted family room with fireplace. New interior/exterior paint. New carpet and nice new tile flooring. Granite kitchen counters, stainless steel appliances, and lots of cabinets. Pantry. New light and plumbing fixtures throughout. Inside laundry with extra pantry/shelving. Ceiling fans in all rooms. Newer HVAC and water heater mfg. 2018. Covered patio. Garage floor is painted. 3rd bedroom has double doors for optional office setup. This home needs nothing, is very nice, and move in ready!

4697 E Alfalfa Drive Gilbert, AZ 85298

$459,900
2 Beds
2 Baths
1,411 SqFt
Status Active
MLS # 6657298
Property Type Single Family Residence
Price Type --
Home, sweet home! Fall in love with this single-level residence in Gilbert! The inviting living room welcomes you upon entering, adorned with laminate flooring in all the right places, bountiful natural light, and vaulted ceilings that add to the spacious feel. The eat-in kitchen features recessed lighting, a pantry, ample cabinetry, solid surface counters, stainless steel appliances, and a lovely bay window by the dining area. Venture to the primary bedroom, offering a private ensuite with dual sinks and a walk-in closet. Don't forget about the cozy den, providing a versatile space for work or leisure. Lastly, the serene backyard includes a covered patio, attached pergola, artificial turf, and a fragrant citrus tree! This turn-key gem won't disappoint!

6575 E Casa De Leon Lane Gold Canyon, AZ 85118

$459,800
3 Beds
2 Baths
1,686 SqFt
Status Active
MLS # 6656769
Property Type Single Family Residence
Price Type --
Whether you're looking for your forever home or just a winter retreat, you have to see this one! The backyard is a fully equipped outdoor oasis—the views are spectacular. the pool is heated, the patio is covered, and the fire table, pool torches, gas grill, and retracting patio screen are all included in the sale! The open floorplan perfect for entertaining and relaxing. The island kitchen is well-equipped with striking granite counters and contrasting backsplash, cabinets refinished in a rich cherry finish/crown moldings, and pendant lights over the breakfast bar. The remodeled primary ensuite bathroom is stunning with a custom shower with rainfall head and black marble tile, and a new double sink vanity with premium fixtures. Two additional bedrooms, one of which is currently set up as a den/study with French doors, adjacent to the living room. Two-car garage has built-in floor-to-ceiling cabinets and a work bench. Other features/upgrades/updates include: » New water softener in 2022 » New garage door opener in 2023 » HVAC system replaced in 2017, new capacitor in 2023 » Outdoor natural gas fixtures installed in 2018 for pool torches, fire table, and grill hookups » New water reservoir and ice maker for fridge in 2024 » New coping/waterline title in 2018 (pool) » New 350K BTU heater in 2018 (pool) » New variable speed pump in 2021 (pool) » New salt cell in 2022, (pool)

19696 N 271st Avenue Buckeye, AZ 85396

$459,700
2 Beds
2 Baths
1,998 SqFt
Status Active
MLS # 6665946
Property Type Single Family Residence
Price Type --
THIS FURNISHED PRESERVE MODEL ON A WALLED LOT IS A MUST SEE! Enter the inviting gathering space showcasing a media niche wall w/fireplace. Tile floors, custom window treatments and designer light/fans throughout. Culinary kitchen features upgraded gas cooktop, granite counters & full height backsplash, walnut finished cabinets, SS appliances, & huge kitchen island w/ seating. The owner's suite offers en-suite bath w/soaking tub, shower, dual sinks, vanity & huge walk-in closet. Light & bright guest room w/adjacent bath Large den/ flex room, perfect for office or hobbies. The extended garage offers room for a golf cart or workshop. Enjoy outdoor living on your extended, covered patio w/ sunshades overlooking your beautifully landscaped private, walled backyard.

18167 W Illini Street Goodyear, AZ 85338

$459,500
3 Beds
3 Baths
1,955 SqFt
Status Active
MLS # 6647199
Property Type Single Family Residence
Price Type --
Beautiful Home with an Open Floor Plan with a large kitchen, island and walk in pantry. Kitchen boasts a large granite counter top kitchen island as well as plenty of kitchen counters, stainless steel appliances, beautiful wood like tile flooring, plantation shutters throughout the home. Large 3 car tandem garage with built in shelving and cabinets. This home is Pearl Certified, energy efficient and ready to make you own. Second Refrigerator does not convey.

7259 E Edgewood Avenue Mesa, AZ 85208

$459,500
3 Beds
2 Baths
1,888 SqFt
Status Active
MLS # 6636339
Property Type Single Family Residence
Price Type --
Beautiful brick home that backs up to the golf course! Large back yard with easy desert landscaping. Large laundry room and beautifully updated master bathroom! Optional HOA. Come check this home for yourself!

5454 E Emerald Avenue Mesa, AZ 85206

$459,500 - 3Br/2Ba -  for Sale in Eastview Unit B Lt 151-228 232-246 306-318, Mesa
Open House
New
$459,500
3 Beds
2 Baths
1,532 SqFt
Status Active
MLS # 6682897
Property Type Single Family Residence
Price Type --
Experience comfort & convenience in this incredible single-story home! Displaying a large front yard, a 2-car garage and gated large courtyard and entry area. The lovely interior boasts vaulted ceilings, a soothing palette, stylish tile flooring, a spacious living room with sliding glass doors that merge the indoor & outdoor spaces. The eat-in kitchen has a bay window, SS appliances, recessed & pendant lighting, Corian like counters, mosaic tile backsplash, a breakfast bar, & staggered wood cabinetry w/crown molding. Master bedroom is a retreat, highlighting plush carpet, a private bathroom with dual sinks, & a walk-in closet. The back yard boasts a covered patio, pavers, live oak trees, built-in grilling station and free-standing pergola. Many upgrades throughout this lovely home.

12754 W Parkway Lane Avondale, AZ 85323

$459,462
4 Beds
3 Baths
2,189 SqFt
Status Active
MLS # 6649876
Property Type Single Family Residence
Price Type --
Ready for Immediate Occupancy! This Zero Energy Ready home, constructed with spray foam insulation, guarantees exceptional energy efficiency! Thoughtfully designed, this single-level residence features 4 bedrooms and 3 full baths with stylish Latte cabinets, Granite countertops in both kitchen and baths, and a combination of elegant tile and plush carpeted bedrooms. Positioned on a North/South facing lot, this home is situated in a stunning West Valley community that offers an array of amenities, including parks, a community pool, Pickleball Courts, and a fishing lake. Don't miss the opportunity to call this energy-efficient and meticulously crafted home yours!

18009 W Avenida Del Sol -- Surprise, AZ 85387

$459,180
4 Beds
3 Baths
2,476 SqFt
Status Active
MLS # 6681723
Property Type Single Family Residence
Price Type --
Come see the size of this master bedroom closet!! Trending to close at the end of March. An amazing layout with 4 bedrooms, and 3 baths w/ loft. In addition to being energy efficient and a Smart Home, the many upgrades make this one stand out. Great curb appeal, good size yard, great for entertaining. Two-tone paint, 9' ceilings. Nice Flagstone cabinets, granite kitchen and baths, island, and walk in pantry. Lots of room to cook and move around!

4817 S 12th Street Phoenix, AZ 85040

$459,000
4 Beds
2 Baths
1,662 SqFt
Status Active
MLS # 6668248
Property Type Single Family Residence
Price Type --
This charming, brand new 4 bedroom, 2.5 bath family home is ready for all of your finishing touches. The kitchen features white cabinets, quartz countertops, and stainless steel appliances. The primary bedroom and bathroom features neutral carpet, double sinks and a large closet. The backyard is a clean slate ready to make it your entertainer's delight, with an RV gate. No HOA and just mins from downtown and the airport! Don't miss this home - it won't last long!

Leave a Reply

Your email address will not be published.