Don’t Let Your Dream Home Become a Nightmare
My client Amy recently went under contract on her dream home. Everything was fine until it wasn’t. The appraisal on the house she was buying came in $20,000 BELOW the contracted price. How could that be? The appraisal is a critical part of the purchase contract. The lender wants to make sure they are not lending money on a house that isn’t worth the sales price, and the seller ALWAYS wants the appraised value to be ABOVE the contract price. This step is another part of the contract process. The buyer and seller negotiate to a number that all parties agree to after the appraisal. If not, the contract ends, and the buyer’s earnest money is refunded. In Amy’s case, we were able to dispute the value, and all ended well.
The next time you hear someone swapping real estate horror stories, let them know Renee can keep their dream from becoming a nightmare.