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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497 N Coyote Trail Payson, AZ 85541
$470,000
2
Beds
1
Bath
1,000
SqFt
Status
Active
MLS #
6574608
Property Type
Single Family Residence
Price Type
--
Leave the hustle and bustle of the busy suburban life and enter the cool mountain air. Here they say, ''If you are lucky enough to be in the mountains, you are lucky enough.'' The natural light fills this comfortable vacation home and as your family settles in something special happens: you start sharing time, space, stories, hikes, fishing, campfires & smores, cool drinks by a warm wood stove, movies & popcorn, warm summer swims, hunts for neat rocks and the smooth sounds a soft running stream filling your favorite swimming hole, fall meteor showers, and winter holiday snowball fights. Memories are created and bound together, all because of that special place we lovingly call ''the cabin.'' Please take this once-in-a-generation opportunity to create your fun and meaningful family time. Minimum 6 month rentals, no horses or RV storage, community well. Nearby activities include hiking, biking, ATV, geode and crystal hunting, stream and lake fishing, and so much more. This home is also designated a history property, which cuts your tax liability in approximately half!!
19851 W Flower Street Buckeye, AZ 85396
$470,000
4
Beds
2
Baths
2,304
SqFt
Status
Active
MLS #
6636252
Property Type
Single Family Residence
Price Type
--
2%-3% in seller concessions available to the buyer to apply towards closing costs or interest rate buy down. Call Your agent right now. With an impressive split floor plan - 4 beds, 2 baths, and a 2-car garage on a spacious lot, this homes offers a seamless open layout for social harmony. Revel in the details, including tile flooring, a soothing color palette, and an abundance of natural light throughout. The kitchen features black appliances, granite counters, recessed lighting, a pantry, and an island with a breakfast bar. The primary bedroom boasts a HUGE walk-in closet and a private bathroom with dual sinks. The backyard is a blank canvas for your personal touch and room for a pool. Garage refrigerator included as well. Welcome home!
37063 W Oliveto Avenue Maricopa, AZ 85138
$470,000
5
Beds
3
Baths
3,618
SqFt
Status
Active
MLS #
6648485
Property Type
Single Family Residence
Price Type
--
Embark on a serene suburban journey at 37063 W Oliveto in Maricopa's Sorrento community. This 5-bed home, with a loft radiates modern family living. Upstairs, find elegantly renovated bathrooms with countertops and sinks, complemented by fresh cabinets and stylish mirrors. The kitchen, the heart of this home, features an enhanced island and beautiful granite countertops. Outside, a private pool and oasis, perfect for relaxation and entertainment, with north/south exposure for year-round enjoyment. Sorrento offers a close-knit community with amenities like biking paths, a playground, and a tennis court, balancing tranquility and convenience. This home isn't just a residence; it's a haven for a fulfilling, balanced lifestyle. Join the vibrant Sorrento community.
1233 S 16th Avenue Phoenix, AZ 85007
$470,000
4
Beds
2
Baths
1,750
SqFt
Status
Active
MLS #
6659031
Property Type
Single Family Residence
Price Type
--
Brand new construction near Downtown Phoenix with close access to I17 and I10 freeways. Approximately 15 minutes from Sky Harbor airport. This is a 4bedroom 2bathroom approximately 1750SF home with a spacious open concept layout. Home also comes with a two car garage with a 50amp receptacle for Electric Vehicle charging. Bedrooms are spacious and all come with light/fan fixtures. Home has a covered patio with fan/light fixture already installed, it has a sizeable backyard. Backyard is an open canvas where the new owner can design their own landscape or even put in a swimming pool.
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
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!
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.
9551 E Redfield Road Scottsdale, AZ 85260
Open House
$470,000
2
Beds
2.5
Baths
1,111
SqFt
Status
Active
MLS #
6687019
Property Type
Townhouse
Price Type
--
Looking for a move-in ready, turnkey townhome? Well you have found it! Check out this adorable, freshly painted townhome in prime Central Scottsdale location... with a recent price improvement too! The gated Redfield Park townhome community is located in 85260, which is in the heart of all that Scottsdale has to offer. This location is minutes from Gateway Trail with miles of beautiful Sonoran Desert hiking, or a short trip to Kierland Commons and Scottsdale Quarter for high end boutique shopping and fine dining, or just a quick trip down the 101 freeway to Salt River Fields, Talking Stick Casino, or Butterfly Pavilion. This meticulously maintained townhome boasts 2 spacious bedrooms and 2.5 baths, and a host of recent upgrades, including fresh paint throughout: a blank canvas, awaiting your personal touches. Step through the private front courtyard entryway, as you are greeted by gleaming hardwood floors and soaring 9+ ft ceilings and a natural light filled interior. The main level showcases a seamless flow from the oversized great room into the gourmet kitchen, ideal for entertaining guests. Revel in the culinary delights of the open-concept kitchen, featuring a generous granite countertop bar perfect for casual dining or entertaining family and friends. This kitchen also offers plenty of storage and pantry space, complemented by a suite of modern appliances, custom tile backsplash and recessed lighting. Step outside to the ample sized North facing flagstone patio for coffee in the morning or enjoying a relaxing afternoon in the shade. Upstairs, are you going to find two ample sized bedrooms, two full bathrooms, and a conveniently located laundry room. Looking for tons of storage for your car and toys? This 2 car tandem garage offers ample space for all the above... And again, just steps from the heated community pool, this unit is in a prime location within the community. Welcome home to luxurious living at its finest in Redfield Park.
17829 W Sherman Street Goodyear, AZ 85338
$470,000
3
Beds
2.5
Baths
2,431
SqFt
Status
Active
MLS #
6687951
Property Type
Single Family Residence
Price Type
--
Welcome to desirable floor plan has been extended 2 feet in the master bedroom & dining room areas to allow for modern and spacious living. Pull into the extended driveway with pavers and RV gate. 2-story foyer with den/office to the side. Great room prewired for surround sound opens into a Gourmet Dream Kitchen with staggered, espresso cabinets w/ pull out shelves, granite countertops, mosaic tile backsplash, SS appliances and large island w/seating. Upstairs you will find Loft (open to below), Master Bedroom upgraded bath w/ comfort height 34'' cabinets and modern shower surround. Laundry room pre plumbed for sink and two spacious bdrms. Backyard grass and covered patio. R/O soft water system too.
1715 W Thumb Butte Road Prescott, AZ 86305
$470,000
3
Beds
2
Baths
1,700
SqFt
Status
Active
MLS #
6688889
Property Type
Single Family Residence
Price Type
--
The single-level home is located minutes from the courthouse square and entertainment! There are 3 bedrooms and 2 bathrooms with a large bonus room and additional storage room. The kitchen has knotty pine cabinets and black appliances adding to its rustic charm—1 car garage with additional parking spaces in front. No HOA! Appliances included. A cozy fenced backyard creates a serene and private setting. Just minutes from many hiking trails. Buyer to verify all facts about property including Square footage. All appliances are conveyed in as-is condition.