You offered $800,000 for a home, but the appraisal comes back at $775,000. What happens now?
A low appraisal doesn't automatically mean the deal is over — and it doesn't automatically mean the seller has to lower the price. Depending on your purchase agreement and financing, you may have several options, including renegotiating the price, bringing additional cash, using an applicable appraisal contingency, or requesting a reconsideration of value through your lender.
The important thing is understanding your contract, your financing, and the options available to you. If you're buying a home in Orange County and want someone to help you navigate situations like this, reach out — Katherine is happy to help.