Lets say that you’re buying a home for $500,000 and the appraised value comes in at $480,000. That means that your lender will finance the home for up to $480,000 and not a penny more. What do you do in this situation?
There are some options available to you as the buyer:
Come up with an extra $20,000 and bring it to the closing table.
Ask the seller to reduce the price down to the appraised value ($480,000).
Meet in the middle.
Terminate the contract.
Renegotiate the deal.
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