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Redfin Real Estate Forums :
Chicago :
Re: Appraisal does not mach the purchase price by 5K
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Appraisal does not mach the purchase price by 5K
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Rwilliams
Visitor
Posts: 2
Registered: 09-29-2009
Message 1 of 3
Viewed 676 times
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Good Morning Everyone: My boyfriend and I are in the process of purchaseing our first home together. Yesterday afternoon, we received a copy of the appraisal from our lender. The value came in at 5k less then the agreed purchase price. We are putting 25% down on the purchase price. I've been told the LTV will be raised and we should go back to the seller and renegotiate the price to match the appraisal, this from an uninvolved source. Being inexperienced and very new to home purchases, I was wondering if anyone might have an opinion on this or a similar story. Any information would be greatly appreciated. Sincerely, Rebecca Williams
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09-29-2009 09:20 AM
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Re: Appraisal does not mach the purchase price by 5K
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Mark_Reitman
Redfin Market Manager
Posts: 57
Registered: 06-18-2008
Message 2 of 3
Viewed 666 times
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Hi Rebecca, Thanks for your question. In today's conservative lending and appraisal environment, it has become more common for appraisals to come in lower than the contract price. In many of these cases, the buyers have gone back to the sellers and requested the price be adjusted to match the appraisal. From personal experience, more often than not, the seller has agreed to the reduction, especially when faced with a small one. The alternative, if the buyer is unwilling to make up the difference (which some have done), is for the seller to put the property back on the market, with the risk that another contract will garner a similar appraisal. Good luck! Mark
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09-29-2009 10:40 AM
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Re: Appraisal does not mach the purchase price by 5K
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Rwilliams
Visitor
Posts: 2
Registered: 09-29-2009
Message 3 of 3
Viewed 664 times
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Mark, Thank you so much for your information. This helps a great deal! Sincerely, Rebecca williams
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09-29-2009 10:49 AM
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