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Newport Beach Appraisal Comes in Lower than Purchase Price

Newport Beach Appraisal Comes in Lower than Purchase Price

You have made an offer on a home for sale, and you are in the process of securing financing for your home. There is an appraisal contingency. What does that mean to you? It means that if the appraisal does not come in at the purchase price, you can offer to renegotiate the price. I recommend getting an appraisal even if YOU ARE PAYING CASH!

I would not recommend paying more for the property than it appraises for. If it comes in lower than the purchase price, you have some options.

  1. You can walk away, because the appraisal contingency is part of the contract, and if the property does not appraise, that is a contingency that you can use to end the contract.
  2. Renegotiate the purchase price – offer to pay the price that the property came in at. If you really want the property, that is a consideration. Offer the appraised value to the seller, and see what their response is. It is up to you, if they don’t want to lower it, then it may be time to find another property.
  3. You “may” want to consider paying more than purchase price – bring cash to close the deal. This is NOT something that I recommend for my buyers.

Keep in mind, if you are obtaining a loan on your property, then it is imperative that is appraises. Even for cash buyers!!

If I can answer any questions about Newport Beach homes for sale and their appraisals, please contact me.

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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.

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