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Generally, you won’t get a mortgage for more than 80 percent of the property’s appraised value. If the appraisal comes in low — that is, if the appraised amount is lower than the loan amount ...
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A home with a low appraisal represents a higher risk for the lender because you could end up underwater on the new mortgage. If you get a low appraisal, there are a few things you can do. First ...
Homes appraise in increments of $500, so every perceived defect in your home, such as a leaky faucet, peeling paint, or non-functioning light switches, could cost $500 in your appraisal value.
A low appraised value will affect a buyer's ability to purchase property, because the loan amount would seem too high with respect to its value. Unless the buyer can come up with the difference, the buyer will unlikely be able to qualify for the loan.
There are typically three options: The seller can reduce the home’s price to match the appraisal value. The buyer can agree to come up with a larger down payment and accept a smaller mortgage.
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