Real estate appraisal is lower than sales price – – what happens?

It can be heartbreaking to find your dream home and then the real estate appraisal comes in lower than the purchase price you agreed to in the contract for sale. When this happens, it can create multiple problems for your closing. Your mortgage company could reduce the amount it is willing to loan for the property or the seller could also refuse to lower the sales price. It may be difficult to know what to do when this happens.

For what you can do in this situation read, “Low appraisal complicates home purchase.”

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