If the appraisal comes in at or above the contract price, the transaction proceeds as planned. If the appraisal comes in below the contract price, however, it can delay or derail the transaction.
If a VA appraisal comes in low, a reconsideration of value (ROV) could be the best option. An ROV is when the VA reevaluates how much the home is actually worth. Depending on how it goes, it could completely change the VA appraisal. One way to get an ROV is to find better comps. Comps are similar homes to the one that’s being bought.
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All these variables leave plenty of room for an appraisal to come in low. For instance, if the market moves faster than normal, comparative sales, or comps, often don’t keep pace with present prices. That also goes for a sluggish market, where a lack of quality comps make it tricky to nail down the property’s market value.
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Appraisals do come in low sometimes, especially if the appraiser doesn’t know the area; but it is what it is. Chances are very good that if your agent used a standard sales contract you will have a financing contingency in the main body of the contract that will get you out of it and make you eligible for your earnest money to be returned.
If the appraisal comes in low and does not require a reconsideration of value, the borrower is free to negotiate with the seller to get a price closer to the appraised value of the property. You can negotiate with the seller and see if there is any flexibility along those lines.
A home appraisal coming in low can sound like a death knell for a home purchase. Before you walk away, check to see why it came in so low. Why Your Home Appraisal Might Come in Low | realtor.com
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