Minnesota Specifics
What happens if the home appraisal comes in low?
Context
A low appraisal can threaten a deal after you thought financing was on track.
The short answer
If the appraisal is below the purchase price, you can renegotiate with the seller, bring extra cash to cover the gap, challenge the appraisal with better comps, or in some cases walk away if your contract has an appraisal contingency.
Things to keep in mind
Which option applies depends on your purchase agreement and whether it includes an appraisal contingency.
Next step
We help you understand your options and work with the lender on any reconsideration-of-value request. Contact us if your appraisal comes in low.
Have a question about your own situation?
Davis Monroe Financial LLC serves Minnesota homebuyers and homeowners. You complete one application. We compare the wholesale lenders on our panel and submit your file to the one that fits it best, and each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.