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Posted by
Thad Cardine

Does a buyer have any recourse if an appraisal doesn't seem accurate? In our case, we're afraid it will be too high.

The seller has agreed to reduce contract price to the appraised value. We agreed to the contract because thought the asking price was high. Now we're afraid the appraiser will be influenced by the asking price on the contract. He will be unaware of the special circumstance. If we feel the appraisal comes back too high, do we have any recourse? Is it ok that they know that we have this agreement?

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Does a buyer have any recourse if an appraisal doesn't seem accurate? In our case, we're afraid it will be too high.

By Thad Cardine   
Posted on Jun 04, 2018 in Topic: Home Buying
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The seller has agreed to reduce contract price to the appraised value. We agreed to the contract because thought the asking price was high. Now we're afraid the appraiser will be influenced by the asking price on the contract. He will be unaware of the special circumstance. If we feel the appraisal comes back too high, do we have any recourse? Is it ok that they know that we have this agreement?
Status: Open
Viewed: 390
Asked by: Consumer
Posted: 3 weeks ago
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Yvonne Chauvin
about 2 weeks ago
Hi Thad,

In order to properly answer your question, we would need more details- are you working with a Realtor, have you signed 1-4 Family Contract to purchase the property?

If the answer is yes, then your price has been agreed upon on the 1-4 Family contract. A higher appraisal will not affect your contractual purchase price (paragraph 3 C.).

Your Realtor will be able to answer any questions you may have in regards to your transaction.
Thank you,

Yvonne Chauvin Realtor
Better Homes and Gardens Gary Greene
281-686-0143
yvonnechauvin@yvonnechauvin.com


about 2 weeks ago
Bronze
Anna DeMoss
about 2 weeks ago
An appraisal outcome should not be influenced by a contract price, but rather the market's reaction to the particulars of the subject (house in question). While the appraiser is provided the contract and, as part of the appraisal process, must analyze the contract, the appraiser's focus should never be to raise or lower an opinion of value to meet the contract price or be influenced by the contract. Appraised value is based on closed sales, not contract prices or active or pending listings.
AnnA DeMoss, AnnA DeMoss Appraisals


about 2 weeks ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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