Appraisal Anxiety Have You Down? Here’s How to Cope

Appraisal Anxiety Have You Down? Here’s How to Cope

April 12th, 2015 | Appraisals

If you’re buying or selling a home in Utah, you may be worried about the appraisal. What should you do if the appraisal comes up short? Here are some options for both buyers and sellers:

For Sellers:

Walk away. If the appraised value comes in lower than what a buyer is willing to pay, that buyer may want you to lower your price. You can do that, or you can walk away and put the property back on the market with hopes that a new buyer, new lender and new appraiser could yield different results. There is a chance, of course, you’ll end up in the same situation.

Order a new appraisal. You could request that the buyer change lenders and get a new appraisal or see if their existing lender will order a different appraisal.

Provide evidence of a higher value. If you think the appraiser made an error in determining the value of your property, you could present evidence to the contrary. That could include past home sales or in multiple bid situation, other offers.

For Buyers:

Walk away.
If your offer was contingent upon the property appraising for the agreed-upon price, you could cancel the contract without penalty. If you really want the house, however, this probably isn’t the best first choice.

Ask the seller to lower their price. You could try to use the appraisal as leverage to negotiate a lower selling price.

Ask for a review. You could discuss the problem with your Realtor and lender and see if there’s any type of appraisal review process. As part of any review, you’ll want to provide added information supporting a higher value.

Your Utah mortgage broker will be able to assist you with all of these options regarding your appraisal.

Advanced Funding Home Mortgage Loans

Your Local Mortgage Company

As a mortgage broker in Utah, we work with several mortgage lenders, enabling us to offer you a variety of Utah mortgages and refinance home loans at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more home loan options to help you achieve your goals. Whether you're buying a home or refinancing, Advanced Funding is here to help. Our mortgage loan officers are available to help you during regular business hours or a time that is more suitable to your needs. Call today for more information, 801-272-0600.

Experience Matters

As one of the most trusted and respected mortgage companies in Utah, Advanced Funding Home Mortgage Loans offers a variety of purchase mortgage and refinance products. Our licensed mortgage brokers are both knowledgeable and experienced to ensure you a pleasant home loan experience at the best interest rates available. We combine the use of technology, impeccable service, a dynamic management team, along with a well-trained, and experienced staff to produce results, such as great mortgage rates, low fees, and most importantly, a fast and pleasant loan experience.

Advanced Funding Home Mortgage Loans
6589 South 1300 East, Suite 200
Salt Lake City, UT 84121

Better Business Bureau Seal

NMLS ID 13287 | Privacy Policy | Licensing | Employee