Marchena Home Team was recently featured in Redfin’s article, “What to Do if Your Home Appraisal Comes in Low.”
In the article, Redfin explains what buyers and sellers can do when a home appraisal comes in lower than the agreed-upon purchase price. A low appraisal can create a financing gap between the contract price and the value a lender is willing to use for the loan, but it does not always mean the transaction is over.
Our insight appears in the buyer section under #3: “Challenge the appraisal,” where Redfin discusses how buyers and agents may be able to request a reconsideration of value if the appraisal appears inaccurate, incomplete, or missing key comparable sales.
When an appraisal comes in low, one of the first things buyers and sellers should do is carefully review the appraisal report for possible errors, missing upgrades, or comparable sales that may not accurately reflect the property’s value. From there, the real estate agent and lender can help determine the best path forward, whether that means requesting a reconsideration of value, renegotiating the purchase price, adjusting loan terms, or deciding whether the buyer can cover the appraisal gap.
The biggest takeaway is simple: don’t panic. A low appraisal can be stressful, but it does not automatically kill the deal. With the right strategy, clear communication, and experienced guidance, buyers and sellers may still have options to keep the transaction moving forward.
You can read the full Redfin article here:
What to Do if Your Home Appraisal Comes in Low
Buying or Selling a Home in Temecula, Murrieta, Menifee, or the Surrounding Areas?
Whether you are buying, selling, or navigating a home appraisal issue, Marchena Home Team is here to help you understand your options and move forward with confidence.
Michael & Anita Marchena
Call/Text: 951-392-8511
MarchenaHomeTeam.com
Broker Owners at: My Key Real Estate
DRE #01918167 | DRE #02031692 | Brokerage DRE #02197885
