Understanding Appraisals and What to Do If Your Home Doesn’t Appraise for Its Purchase Price

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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4233 E Samkay Lane San Tan Valley, AZ 85143

New

$471,990

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6697519

Property Type Single Family Residence

Price Type --

Situated in the amenity rich community of Bella Vista Farms. Residents enjoy an amenity-rich lifestyle with exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court and greenbelt. The local area is host to the San Tan Regional Park, where locals enjoy biking, hiking, horseback riding and more.

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18157 W Navajo Street Goodyear, AZ 85338

$471,990

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6604053

Property Type Single Family Residence

Price Type --

This single-story home features an open concept floor plan that includes 9-ft. ceilings and a large great room. You'll also find Emser® tile flooring throughout the great room, dining space and kitchen, and Shaw® carpeting in the bedrooms. The expansive kitchen offers 42-in. upper cabinets, granite countertops, a center island and Whirlpool appliances. The private primary suite at the back of the home includes an oversized closet, and the primary bath boasts a separate tub and shower, a dual-sink vanity, and a door at the water closet. This home also includes a 40-gal gas water heater.

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20265 W Rancho Drive Litchfield Park, AZ 85340

$471,990

4 Beds

3 Baths

2,049 SqFt

Status Active

MLS # 6649654

Property Type Single Family Residence

Price Type --

BRAND NEW energy efficient. Home is ready NOW! The jubilee steals the show with a spacious living concept. White cabinets with quartz countertops and grey flooring. Oversized lot with beautiful mountain views. We are now at our close out. The master planned community provides quick access to 1-10 and Loop 303. Your family will love the amenities including sports courts, walking trails, playgrounds and ramadas. We build each home with innovative energy efficient features that cut down on utility bills so you can afford to do more living.

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6308 W Villa Linda Drive Glendale, AZ 85310

$471,990

3 Beds

2 Baths

1,436 SqFt

Status Active

MLS # 6685499

Property Type Single Family Residence

Price Type --

This is your opportunity to own this incredible home in a desirable neighborhood surrounded by beautiful mountain views. 3 bed 2 bath home with a large family room. The kitchen has dark wood cabinets and new granite countertops. All stainless steel appliances convey and the washer and dryer. Laminate flooring in all the main areas except the bedrooms. Large master bedroom with room for all your needs. The other 2 bedrooms are also spacious. The garage has epoxy flooring and storage cabinets with a workbench. Enjoy the mountain views in your backyard while you entertain your guests. Don't miss this opportunity to make it yours!

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7818 N 79th Avenue Glendale, AZ 85303

$471,435

4 Beds

2 Baths

1,682 SqFt

Status Active

MLS # 6696046

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 ''LOFT LOOK'' selections with White Shaker 42' cabinets, quartz countertops, and Brushed nickel hardware in the kitchen. Beautiful upgraded faux wood 6x24 Light gray tile flooring with lush carpet in bedrooms. The Modern Spanish exterior provides great curb appeal! See this home today!!! ^^^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.

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12426 W Levi Drive Avondale, AZ 85323

$471,173

5 Beds

3 Baths

2,723 SqFt

Status Active

MLS # 6690949

Property Type Single Family Residence

Price Type --

Discover the difference in this home and buying experience! Under construction Rockrose design at Highland Sage. 2-story includes an open-concept floorplan boasting an inviting kitchen and bright great room that opens to the private, covered outdoor room, the two-car garage leads you into the drop zone, front covered porch with downstairs bedroom and bathroom, bonus room upstairs with 4 other bedrooms. $38,000 in upgrades are included in this home! Special financing is offered. Alamar is a new kind of master-planned community in the West Valley spread over 1,150 acres in Avondale, just 18 miles from Downtown Phoenix.

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8449 W Rockwood Drive Peoria, AZ 85382

$470,999

2 Beds

2 Baths

2,203 SqFt

Status Active

MLS # 6636533

Property Type Single Family Residence

Price Type --

Price Reduction ,Spacious home in wonderful ''Westbrook Village'' Adult community 20% 40 years to 55 years, 80% 55 years plus, no children under 19 years of age. Located in the newer Phase 2, close to The Vistas Recreation Center. Large bedrooms, huge master bath with tub & shower. Newer A/C. Solar $139. per month. Looking for lots of room, this home has a large Arizona Room, could be heated & cooled for a work out room or area for pets or ?? Come see your dream home today !!

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19643 W Windsor Avenue Buckeye, AZ 85396

$470,995

3 Beds

2 Baths

2,070 SqFt

Status Active

MLS # 6646560

Property Type Single Family Residence

Price Type --

The Agate floor plan is designed for your comfort and convenience. The Stone Elevation invites you into the home that revolves around an airy open layout showcasing a great room, an upgraded kitchen with 42'' cabinets, a quartz center island and a dining nook with access to the covered patio. A spacious owner's suite is adjacent, and boasts a large walk-in closet and an attached bath. You'll also find a flex room that can be used for your office or study. The stone floors in the living space with carpet in the bedrooms. A laundry and another bath complete the home.

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41000 W Agave Road Maricopa, AZ 85138

$470,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6400949

Property Type Single Family Residence

Price Type --

THIS HOME IS READY FOR YOU!!! Belice - perfect for entertaining with a 12x8 sliding glass door that leads out to your extended covered patio. Large walk-in shower at Owner's bath and ceramic tile surrounds, Designer gas appliance package, Lausanne Espresso cabinets with 42'' upper kitchen cabinets and upgraded hardware. Himalaya white granite countertops in kitchen and on the enhanced kitchen island. 8' tall interior doors throughout home. Upgraded flooring includes level 9 carpet in all bedrooms/closets and Linden Pointe Grigio 12x24 floor tile in remaining areas of the home. Dual sinks at bath 2. We're also adding in the pre-plumb for soft water. Interior two tone ''Agreeable Gray'' paint. Garage service door and an 8' tall garage door.

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5211 W Beryl Avenue Glendale, AZ 85302

$470,900

4 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6650123

Property Type Single Family Residence

Price Type --

Amazing Remodeled Pool and Home completely remodeled four bedrooms, two baths, two car garage, RV gate. Family room with Fireplace goes out to nice covered patio and large Yard. New Windows, New Cabinets, New Appliances, All New flooring. Remodeled bathrooms. Fresh paint inside and out. You will love this home.

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14413 W Sky Hawk Drive Sun City West, AZ 85375

$470,800

3 Beds

2 Baths

2,018 SqFt

Status Active

MLS # 6606976

Property Type Single Family Residence

Price Type --

**HUGE Price Improvement** Welcome to this charming single-family home, built in 1989, nestled in the heart of Sun City West. This well-maintained residence offers comfortable living on an expansive 8,900 sqft lot. Seller's have upgraded and remodeled almost every room in this house! Featuring 3 bedrooms, 2 bathrooms and a convenient attached garage with ample storage cabinets. This home is designed for both convenience and style. All new interior paint, appliances, carpets, and tile! With an additional sunroom and a prime location in the vibrant community of Sun City West, this home is a fantastic opportunity to enjoy all the amenities and lifestyle this region has to offer.

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17869 W Indigo Brush Road Goodyear, AZ 85338

$470,571

3 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6645261

Property Type Single Family Residence

Price Type --

Call for builder Incentives! Welcome to this gorgeous home in Vidrio at Estrella! This home features 3 bedrooms plus a study, 2 bathrooms, and beautiful upgrades throughout. The kitchen features white shaker cabinetry, grey quartz countertops, and a stylish geometric backsplash! The primary suite has a spa-like ensuite with a separate shower and bathtub and a walk-in closet that connects to the laundry room! The laundry room has decorative tile and is finished with cabinets for extra storage! Plus, this home has grey wood like plank tile throughout & a BBQ gas stub outside! This gem is waiting for you to call it home!

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