Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
If you had an appraisal come in too low
as the buyer, the first time around, what was your outcome?
Did you walk, the buyer/builder negotiate or a different lender/new appraisal?
New construction or pre-existing home?
Re: If you had an appraisal come in too low
It didn't happen to us but there have been a lot of threads about this lately so it might be worth scrolling back through a few pages.
Outcomes tend to depend on the market with competitive markets giving a distinct edge to the seller. There were quite a few people that (as buyers) either had to split the difference or eat the whole thing if they were buying in places where the sellers thought they could get a different buyer who would pay the difference.
In my experience, appraisals can be very wrong. Our appraiser got our square footage wrong by over 600 sq feet. You can have them appealed.
We appealed ours and it got raised by $2k, not a whole lot when it was under by $18k. We ended up meeting in the middle and paying more than the value of the house to get it. We have every intention of this being our forever home and we had been looking for months and found nothing else that was this perfect for us. We also found this house for less than we were willing to pay so when it under appraised we ended up paying a lot less than we had set as our budget.
Also, we have been making extra principle payments on the house and even though we have only been here for 7 months we have already made up the difference between what we paid and the value.
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Well this week, this is the situation with our new build: the first full appraisal was $20k less (by our first lender) and the second preliminary appraisal
(meaning they just looked at comps and did not go physically to the property) was $45k less than the sales price by a second lender/appraiser.
Not a good situation.
Someone ran into that recently with a new build that was already built. The builder worked something out for them and I think it ended up in their favor.
If there have been two appraisals that low, it would seem like the builder would have to lower the price, unless you're doing a full custom build not in a development?
Ours came in 10k low and the sellers lowered their price the whole amount.
Ours came in 5K below. The seller dropped their price.
I honestly don't know what the "norm" is here in my specific town/area, other than properties that don't sell within a week or two sit on the market for months. Our sellers were pretty motivated and the house next door was on the market at the same time. That house went under contract 4 times before it actually sold - and one of the buyers fell through right around the time that we were negotiating with our seller. We think that really worked in our favor.
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