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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1255 N Arizona Avenue Chandler, AZ 85225
$470,000
3
Beds
2.5
Baths
1,681
SqFt
Status
Active
MLS #
6664981
Property Type
Townhouse
Price Type
--
Your future home is waiting for you in Tre Vicino, an exceptional gated community ideally situated in the heart of Chandler. With two separate pool areas for both personal use and guests, this property, constructed in 2020, boasts 3 spacious bedrooms, all with walking closets, 2.5 baths, and plenty of living space. Features an open-concept kitchen with granite countertops, a sizable island, and a walk-in pantry that opens to a generous living area, perfect for hosting, a corner lot with a great size backyard, landscape complemented with pavers and artificial turf. Situated on a premium lot and just steps away from the community's green belt common area, this property is conveniently located near shopping, downtown Chandler's entertainment options, and the 202 freeway.
5528 W Rainwater Drive Laveen, AZ 85339
$470,000
4
Beds
2
Baths
1,813
SqFt
Status
Active
MLS #
6665303
Property Type
Single Family Residence
Price Type
--
This immaculately maintained single-story residence nestled within the charming Ellison Trails community offers the perfect blend of comfort and convenience. Situated on a desirable corner lot, this home boasts a thoughtfully designed floorplan, ensuring seamless living. Step inside to discover an inviting interior adorned with modern finishes and abundant natural light. The spacious layout encompasses 4 bedrooms, 2 bathrooms, and generous living areas, providing ample space for relaxation and entertainment. The heart of the home is the well-appointed kitchen, complete with quartz countertops, SS appliances, and ample cabinet storage. Whether you're hosting gatherings or preparing family meals, this kitchen is sure to inspire your culinary creativity. Retreat to the tranquil owner's suite offering a private oasis where you can unwind after a long day. Additional bedrooms provide flexibility for guests, home offices, or hobbies. Outside, the expansive yard offers endless possibilities for outdoor enjoyment, from al fresco dining to gardening or simply soaking up the Arizona sunshine. With a prime location just minutes from the 202 freeway, commuting is a breeze, while nearby shopping, dining, and entertainment options ensure convenience at your fingertips. Don't miss your chance to experience the epitome of comfortable living in this Ellison Trails gem. Put your offer in today and make this house your forever home!
11130 W Dana Lane Avondale, AZ 85392
$470,000
3
Beds
2
Baths
2,382
SqFt
Status
Active
MLS #
6665526
Property Type
Single Family Residence
Price Type
--
Huge Price Reduction! 3 Bed/Plus LARGE Den/ Single Level w/Pool & 3 Car Garage has an open flowing floorplan w/lots of room! The Custom Security door greets you! The Formal Dining Rm sits separate from the step down spacious living rm! A large Family Rm is open to the Kitchen w/an island/Breakfast Bar/Breakfast Area & Pantry!Laundry rm is off the kitchen for convenience! Arcadia leads out to the Patio & Large Yard w/Pool! Good Sized Master Bedrm has a door leading out to the Patio! Master Bath has double sinks/separate Tub & Shower & Walkin Closet! 2 Secondary Bedrms & a Double Door Entry Den(4th Bdrm-No Closet)The Hall Bath w/Double Sinks/Separate Rm for the Toilet & Bath for Privacy! Round out the interior!The Backyard offers many options as it is a blank slate w/Pool! Call Now
4139 W Desert Hills Drive Phoenix, AZ 85029
$470,000
4
Beds
2
Baths
1,768
SqFt
Status
Active
MLS #
6665588
Property Type
Single Family Residence
Price Type
--
TURN KEY READY! Beautifully remodeled 4 bed 2bath home! This is home is equipped with a spacious floor plan, renovated pool, updated kitchen appliances and so much more!
20062 N Horse Trail Drive Surprise, AZ 85374
$470,000
2
Beds
2
Baths
2,185
SqFt
Status
Active
MLS #
6667234
Property Type
Single Family Residence
Price Type
--
***3.25% ASSUMABLE LOAN!*** Step into this impeccably maintained home nestled in the desirable 45+ community of Sun City Grand. Meticulously cared for by a single owner, this residence boasts an ideal layout featuring an expansive master bedroom that has been extended 4ft. The office/den can easily be converted into a third bedroom. Outside, enjoy the stunning landscaping and a convenient built-in grill, perfect for outdoor entertaining. Don't miss out on this opportunity to experience comfortable and stylish living in this charming community with wonderful amenities and golf courses!
662 S Porter Street Gilbert, AZ 85296
$470,000
3
Beds
2
Baths
1,719
SqFt
Status
Active
MLS #
6668855
Property Type
Single Family Residence
Price Type
--
This single-story house features a large open great room floorplan with three bedrooms, an office/den, and a bonus AZ room. Ceramic tile throughout. Freshly re-painted interior and garage. Brand new Dishwasher in the kitchen with dining and kitchen nook area for seating. Completely new marble bathroom vanities and faucets. New light fixtures and fans throughout. Great interior lot with a covered patio, a bbq area, and a planter in the back, a fountain in front. Situated in a bustling neighborhood close to a well-maintained common area, with grocery stores, hardware stores, coffee shops, an LA Fitness, and multiple choices of restaurants nearby.
864 W Shannon Street Chandler, AZ 85225
$470,000
3
Beds
2
Baths
1,464
SqFt
Status
Active
MLS #
6671208
Property Type
Single Family Residence
Price Type
--
Come see this absolutely GORGEOUS remodeled single story in Chandler! This home features 3 bedrooms, 2 baths & & a refreshing swimming pool! NEW ROOF, Wood Plank Tile Flooring, Neutral color palette & fixtures you'll love! Stunning Eat-in Kitchen boasts White Shaker Cabinetry, Quartz Counters, stunning geometric backsplash & Stainless Steel Appliances. Owner's suite boasts a generously-sized Closet & ¾ Ensuite Bathroom w/ new Vanity & Dual Flush toilet! Large entertaining backyard w/ pool, covered patio, RV gate & storage shed. Hurry, you will not find another one like this.
16824 W Bristol Lane Surprise, AZ 85374
$470,000
4
Beds
2
Baths
2,047
SqFt
Status
Active
MLS #
6671347
Property Type
Single Family Residence
Price Type
--
Tucked away - yet close to EVERYTHING! Tall ceilings & opens spaces characterize this corner lot oasis. Split floorplan with large living areas provide opportunity to fit your life and all it entails. Entertainers delight with surround sound, backyard flat screen, and dual exits to the backyard. Well equipped kitchen boasts granite counters, crisp 42'' cabinets, and stainless steel appliances.The romantic main bedroom provides direct outdoor access, a private ensuite with dual sinks, and a walk-in closet. Multiple generously sized bedrooms, and with walk-in closets! Enjoy your own paradise under covered patio and a refreshing pool with peaceful water features, and lighting for any occasion. The garage we're jealous of, full epoxy floors, & TONS of cabinet storage, work bench, & peg board!
8334 W Gross Avenue Tolleson, AZ 85353
$470,000
4
Beds
3
Baths
2,349
SqFt
Status
Active
MLS #
6677972
Property Type
Single Family Residence
Price Type
--
REMODEL OASIS. Welcome to this stunning renovated home where warmth and coziness meet modern elegance. Step inside and discover a thoughtfully designed floor-plan that starts with the living room and next to it is the family room which gives way to the kitchen. The huge loft upstairs is perfect for a game-room or another family area. The generous space, warmth and welcoming ambiance gives you the instant feeling of being home. The large sized and inviting master bedroom provides a peaceful sanctuary for relaxation. Not to mention the stunning updated bathrooms, vanities, flooring, color scheme, all combining to provide you with a blend of comfort, charm and sophistication. Big yard with walking slabs, an inviting recess area for sitting is perfect for an everyday adventure.
17213 W Lundberg Street Surprise, AZ 85388
$470,000
3
Beds
2.5
Baths
2,190
SqFt
Status
Active
MLS #
6678342
Property Type
Single Family Residence
Price Type
--
Private pool with no neighbors behind on a quiet street. This 3 bed 2.5 bath home with a loft has vaulted ceilings and an open concept. Large entry area with formal living and dining area. Kitchen features farmhouse apron sink, granite counters and large pantry. Tile downstairs and upgraded carpet upstairs. Backyard is perfect for outdoor entertaining. Upgraded lot with no neighbors behind and large pool with a waterfall.
15866 W Central Street Surprise, AZ 85374
$470,000
3
Beds
2
Baths
2,214
SqFt
Status
Active
MLS #
6680067
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful single-family home located in the Mt Vista Ranch neighborhood. This spacious property boasts 3 bedrooms, 2 bathrooms, and a den. One of the standout features of this home is the absence of carpet throughout, making for easy maintenance. The property also comes equipped with leased solar panels, resulting in significantly lower energy bills. Recent upgrades include new garage cabinets and a new roof. Conveniently located near shopping, parks, and various amenities, this home offers the perfect blend of comfort and convenience. The property also includes a 3-car garage, providing ample space for parking and storage. Don't miss out on this fantastic opportunity to own a beautiful home in a prime location.
2701 E Villa Rita Drive Phoenix, AZ 85032
$470,000
3
Beds
2
Baths
1,288
SqFt
Status
Active
MLS #
6683668
Property Type
Single Family Residence
Price Type
--
Entertainer's delight indoors and out, and no HOA! The open and bright living area leads past the kitchen's large quartz countertops into a spacious backyard oasis with a diving pool, hot tub, covered patio, and grass area. The primary suite has a walk-in closet and private exit to the back yard. Plank tile flooring, dual-pane windows, and luxurious bathrooms! Room for all your toys with a long driveway and 45 feet behind the RV gate! Centrally located just minutes from SR51, Loop 101, Desert Ridge entrainment district.