You have an accepted offer, the inspection is behind you, and then the appraisal comes back below the price you agreed to pay. Sometimes that’s a real surprise. Other times it isn’t. When a home’s price was bid up, buyers, sellers, and agents alike may expect the appraisal to come in low.
Either way, it helps to have a backup strategy with your lender and to know your options before the appraisal is in. On a purchase, a low appraisal usually has several workable answers, and the first one isn’t a lending decision at all. [Read more…]
Most homebuyers start their down payment assistance (DPA) search with one question: “how much money can I get?” when what they should also be considering is “what will this cost me or impact me over the years I own the home?“
