It can be quite upsetting to find out that an appraiser thinks the home you want to buy is not worth what you thought it was. And a low appraisal can be more than just upsetting – unless you are a cash buyer, a low appraisal can make it impossible for you to purchase your dream home.
Lenders will only give you enough money to buy a home at fair market value. If the appraisal comes in low, you may have to come up with the difference.
Having an appraisal come in low is of course just as upsetting to a seller. When something like a low appraisal comes from out of left field, it can leave everyone disturbed.
Considering what an impact a low appraisal can have on the home selling and home buying process, it is a good idea to educate yourself on what…