What if your Newport Beach Home Does Not Appraise?

You have made an offer on a Newport Beach property for sale, and part of the terms and conditions of the sale include that you will be obtaining financing on the property.

Newport Beach home

As part of the lending process, an independent Appraiser will go out and value the Newport Beach property for sale. If the appraised value comes in less than the agreed upon purchase price, you will have some decisions to make.

You can ask the seller to lower their price to the appraised value (this is what I would recommend for my buyers). And in the event the sellers do not choose to decrease their price, then you do not have to purchase the property.

There are occasions where a buyer may bring cash to close the sale, however this is not something that I would recommend for my Newport Beach home buyers. The ideal scenario is when the sellers agree to lower their price, and that way you will be sure you are not overpaying for the Newport Beach home for sale.

Even with all cash buyers, I recommend that they obtain a professional independent appraisal, and have that as a contingency of the home purchase. That way, it ensures that the buyer is not overpaying for a home (even if they have cash).

If I can answer any questions about the Newport Beach home buying process, please contact me.

About The Author

1 thought on “What if your Newport Beach Home Does Not Appraise?”

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ABOUT ME

Sharon Paxson is a full-time REALTOR® with EQTY | Forbes Global Properties and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords, and Tenants with their real estate needs.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

REAL ESTATE BROKERAGE SERVICES

  • Newport Beach Homes for Sale/Sharon Paxson®
  • Newport Beach area buyers, sellers, renters
  • 1100 Newport Center Drive
    Newport Beach, CA 92660
  • 949-280-0681 | DRE 01501912

DISCLAIMER

DISCLAIMER: All information, photographs & content contained on this site is the property of Sharon Paxson. You must obtain written permission from Sharon Paxson if you would like to use any of this content contained herein. Opinions expressed are those of Sharon Paxson and may not necessarily be opinions of past and present brokers. Articles may be time and date sensitive. All statistical information utilized to create market reports has been obtained from the CRMLS. Information Deemed Reliable but not Guaranteed.

Copyright © 2023 Newport Beach Real Estate