You may want to evaluate the data and other logistics used for how the appraised value was determined. Lazy seems a little harsh. When I refinanced a couple of years ago the initial appraisal came back a couple of grand short of what would have made the load 80% of value. Both conventional and unconventional mortgage products offer similar requirements. However, they have not actually asked us for anything yet, such as to lower the purchase price to the appraised price. Remember, an appraisal is an opinion of value. Another option when an appraisal comes back low is to rebut the value. Distressed properties should sell for less than appraisal value. A low appraisal is bad news because the lender will only provide a loan up to the appraised value, overriding your agreed-upon purchase price. Different appraisers may use different comparable sales to derive their value. The lender took it upon himself to ask for a new appraisal, uploaded the counter of $275,000. Also in this particular study, when an appraisal came in low the odds of the contract not closing (within 90 days) increased almost 10 percentage points. For instance, a 10-day appraisal deadline means that the appraisal must ⦠Here's what you can do if that happens. The good news is that a low appraisal doesnât have to be a deal killer. Either way, about half the time when an appraisal comes in lower than the price in the contract, the price is negotiated down with the seller and the sale closes at the lower renegotiated price. Stinson estimates that when an appraisal comes back low, he is able to find a solution and complete the transaction about 75% of the time. There are a few things you can do. Toggle Navigation (800) 251-9080 (800) 251-9080 And miraculously the new appraisal came in at $280,000. When asked, they appraisal company added another comparable to the report that shifted the appraisal value up slightly. If your home appraisal comes in lower than anticipated, it could wreck your chances of closing on a new mortgage or getting to refinance. The appraisal came back at $264,000. The appraiser came on Dec 7 and we hadn't heard anything, so we figured it was fine. The appraisal has come around 4.5% lower than I had expected. 1. While itâs always great for the property appraisal to come back higher than the amount you agreed to buy it for, this is no way affects the loan amount you need to qualify for, or the down payment you need to close on the mortgage loan. We just had an appraisal come back today on a house for $89k that we have under contract for $75k. We just got a note last night that the appraisal came back low by $2000 (Contract price $237,500). If the appraisal comes in low and all else fails, a buyer can cancel the transaction and receive back their earnest money deposit. 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