What Happens if My Las Vegas Appraisal Comes in Low?
By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
I get asked this question very often and it is a very valid concern in regards to the lending process these days! When the appraisal comes in “low” it means that it is less than the contracted price. If the buyer was planning on putting the minimum down for the down payment then the low appraisal can cause a deficiency between the loan to value ratio. Several things could happen: The buyer submits an addendum to the seller to lower the price to the appraised price. FHA appraisals “stick” to a property for a certain period of time. If there is a high amount of FHA buyers in the market, it is wise for the seller to agree to the reduced price. Right now FHA buyers make up between 25-30% of the Las Vegas closed sales. That means if the seller rejects lowering the price to put the home...