The appraisal came in significantly lower than our offer price. Our lender won't finance the difference, and we don't have the extra cash to cover it. We might lose our earnest money.

Question

Accepted Answer

{"value":"Our offer price was $450,000, and the appraised value came in at $420,000. This means there's a difference of $30,000 between what we agreed to pay and what the lender is willing to finance based on the appraisal. Since our lender will only finance 80% of the appraised value, they are willing to lend us $336,000 ($420,000 * 0.80). We had planned to put down 20% of the offer price, which would have been $90,000, bringing our total to $426,000. Now, with the lower appraisal, we'd need to come up with an additional $14,000 in cash to cover the difference between our original down payment and the new required down payment based on the appraisal ($420,000 * 0.20 = $84,000, so our original $90,000 down payment is actually more than enough for the down payment portion, but the loan amount is the issue). The real problem is that the loan amount they are offering ($336,000) plus our original down payment ($90,000) only gets us to $426,000, leaving us $24,000 short of our $450,000 offer price. We don't have that extra $24,000 readily available."}

Accepted Answer

{"value":"The lender requires a Loan-to-Value (LTV) ratio of no more than 80% for this particular conventional loan. This means the loan amount cannot exceed 80% of the appraised value. Since the appraisal came in lower, our loan amount is now being calculated based on that lower figure, which is creating the shortfall."}

Accepted Answer

{"value":"We've looked through the appraisal report, and it's quite detailed. The appraiser did mention a few comparable sales (comps) that were used. One of them was a house that sold about six months ago, which seems a bit dated given the current market. Another comp was a house that had some significant renovations, which ours doesn't have. We're wondering if the appraiser adequately accounted for the condition of our property versus the comps, or if they missed any recent sales in the immediate neighborhood that might have been higher. We're considering asking our agent to reach out to the appraiser to clarify some of their reasoning, but we're not sure how much information they'll be willing to share."}

Accepted Answer

{"value":"The deadline for our financing contingency is actually quite soon, unfortunately. It's set for next Friday, which gives us less than a week to figure this out. The closing date itself is about three weeks after that, so if we can't resolve the financing gap, we'll likely have to terminate the contract before the contingency expires to get our earnest money back."}

Accepted Answer

{"value":"Yes, we've spoken with our loan officer extensively. They've been pretty firm. They explained that due to our specific loan program (a conventional loan with a certain down payment percentage), they can only lend up to 80% of the *appraised value*, not the purchase price. They said there's no flexibility on this, and they can't just 'stretch' the loan. We asked if we could bring more cash to closing to make up the difference, but the issue is that the loan itself is based on the lower appraisal, so even if we put more cash down, the loan amount they're willing to give us is capped by the appraisal. They also mentioned that reappraisal is an option, but it's costly and there's no guarantee it will come in higher, and we'd have to pay for it ourselves."}

Low Appraisal Value

AI Analysis Summary

报告的问题

问题

What is the exact difference between your offer price and the appraised value? (ID: 1994)

What is the loan-to-value (LTV) ratio required by your lender for this loan? (ID: 1995)

Have you reviewed the appraisal report for any potential errors or omissions? (ID: 1996)

What is the deadline for this contingency in your purchase agreement? (ID: 1997)

Have you explored any options with your lender regarding the financing gap? (ID: 1998)

识别的原因

估值过高的报价

贷款人严格的贷款价值比要求

估价差异

市场低迷还是特定房产问题

推荐的解决方案

Renegotiate with Seller

Negotiate with Seller for Concessions

Request an Appraisal Reconsideration

Order a Second Appraisal

Renegotiate with Seller Based on Condition

Increase Down Payment

Seek Additional Financing

Explore Different Lenders

Re-evaluate Deal Feasibility

权威资源

Desktop Appraisals: Expert Tips for Success | McKissock

Home Appraisal Tips for Sellers: What Real Estate Experts Advise

What is a Home Appraisal & Tips for Low Appraisals | Prevu

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