If you are financing, the lender will order an appraisal. Here is what it means for you.
What an appraisal does
It gives the lender an independent opinion of value so they do not lend more than the home is worth.
If it comes in below the contract price
- Ask your agent to review the appraisal and the comparable sales used.
- You may negotiate with the seller on price, bring extra cash to cover the gap, or, depending on your contract, end the deal.
- Ask your lender whether a reconsideration of value is possible if you have strong comparables.
Ready to start your search? Search Metro Atlanta homes, browse our properties, or contact Nil Patel Real Estate to talk through your plan.
This article is general information, not legal, tax, or financial advice. Loan programs, rates, and local rules change, so confirm details with your lender, attorney, or tax professional. Nil Patel is a licensed Georgia real estate salesperson with Keller Williams Realty Atlanta Partners.