There are many reasons that a home buyer may need to back out of a home purchase. One such reason is when the appraisal comes lower than the contract purchase price. If the buyer has an appraisal contingency in place and the appraised value comes in low, it is ultimately up to them whether or not they want to stay committed to the deal. If the buyer is getting a loan, they would need to pay the difference between the appraised value and the purchase price and they would need to qualify for that scenario in the eyes of the lender. The other option would be to renegotiate the purchase price. If either of these options isn't possible, then the buyer may want to cancel escrow. It is important for you as a seller, or any other party in a real estate transaction, to keep this in mind when setting your selling price. As a seller, you don't want to set it too high and make yourself less likely to sell. It is important to remember that this is where an experienced realtor can help, by positioning your home at market value and ensuring that your home is at its most competitive position.

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I am working with several buyers across many price ranges that are prequalified and ready to buy now, but due to current drastically low inventory, we can't find them a home. If you are considering selling, please reach out to me today. Curious what your home is worth? Get an immediate answer by clicking below.

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