Buying Cape Coral Real Estate: What if the Appraised Value is Lower than the Purchase Price?


Buying Cape Coral Real Estate:  What if the Appraised Value is Lower than the Purchase Price?

What happens if you have a signed contract to purchase a piece of Cape Coral real estate and the appraised value comes in lower than your agreed upon purchase price?   Unfortunately, that’s happening more often these days.

Don’t give up!  It is possible to salvage the deal.  Here are four options to consider, if you find yourself in this position:

#1:  Ask the lender for a review of the appraisal.

If you are aware of comparable sales numbers or any other pertinent data that was not considered by the appraiser, provide that information to your lender and ask for a review of the appraisal.  If problems are found with the first appraisal, ask your lender to order a second appraisal by a qualified real estate appraiser.

#2:  Ask the seller to drop the price to reflect the appraised value. 

The seller is in a difficult situation here.  If you cannot get a loan because the house appraised for less than the agreed upon purchase price, you can walk away from the deal, as long as you have a financing contingency in the contract.  On the other hand, if the seller will not take less money now, most likely, this whole scenario will play out again the next time around.  If the homeowner still needs to sell, he or she may be willing to drop their price to the appraised value.

#3:    Pay the difference between the appraised value and the purchase price.

If you’re willing to pay the difference between the appraised value and the purchase price, your lender will not protest.  Lenders are more than willing to put deals through, as long as the lenders’ interests are protected. Only pay the difference if you are absolutely positive the Cape Coral real estate is worth the asking price, and you’ve exhausted all other options. 

#4:  Walk away from the deal.

You like the home or you would not have made an offer; however, there are times when the best option is to walk away.  Buying Cape Coral real estate is not the time to let your emotions get in the way of sound financial judgment. 

If you’re ready to buy, I can guide you through the process of finding a home, negotiating a contract and getting an appraisal that’ll match or beat the selling price.  Please contact me at 239-69900142 or Toll Free at 800-820-3511, Email Liloc@att.net today to get started!
I have two great websites with all area Info
 www.LiloRealtor.com or www.Lilosellscapecoral.com

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About Lilo Realtor

With over a decade of industry experience, Lilo Clacher is proud to represent Cape Coral/Lee County FL . With a degree and previous career in interior design, Lilo understands the importance of the entire package her clients are receiving. Lilo has a passion for real estate and a passion for taking care of her clients. She understands that for many they are making the biggest investment of their lives, and therefore she endeavors to make their experience in buying or selling as easy and comfortable as possible. With an impressive repeat and referral rate of 90 percent, it is clear that her clients appreciate the dedication she puts in to every real estate transaction. In addition to being fluent in German and Swedish, Lilo has received numerous awards for excellence in real estate. She received the 2000,2001 and 2002 Excellence Award for being a multi-million dollar producer, as well as the 2003 and 2004 Platinum Award, Diamond Award 2005, 2006. Multi million Dollar producer in 2007, 2008, 2009 She also received the Designation e-PRO Endorsed by the National Association of REALTORS®, for being an internet savvy realtor, for knowing how to work with the 87% of clients, starting seeking Real Estate per Internet. Lilo received the Designation for Short Sales, Foreclosures and Home modefication loans, helping homeowners to keep there home. In her free time, Lilo enjoys boating, diving, Horsebacriding, Gardening and catching up on her reading.
This entry was posted in Cape Coral, Cape Coral homes for sale, Financing, FL real estate, Foreclosures, Fort Myers Fl Homes, Investors, Real Estate, Short Sales. Bookmark the permalink.

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