When Is It OK to Pay More Than the Appraisal ?
Posted by Florida Realty Marketplace on
When is it ok to pay more than the appraisal ?
Let’s say you found your dream home for sale in Davenport, FL. It has everything you’ve been looking for. You put an offer on the house, escrow opened, and the inspection shows the home is in excellent condition. However, when you receive the appraisal results, the value is some number less than the agreed-upon purchase price. What should you do?
It’s not often that a home gets appraised less than the purchase price. But it does happen. Here’s why it happens and what you can do if you find yourself in this situation.
Lower than the purchase price
Lenders base their loan amount on either the appraisal value or the purchase price, whichever is lower. The price is usually renegotiated if the valuation…
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