I am trying to sell my home in the Greenville South Carolina area that has a basement. When the house went on the market i got 3 offers above my asking price in less than 24 hours. The highest one coming in $20,000 over the asking price. We did all the inspections and everything has checked out well. The problem we are having is almost half of the finished house square footage is below grade which is a walkout basement. The appraisal came in 50k below the contract. Any recommendations
In this case you'll need to accept an offer without an appraisal contingency. Meaning they'll have to make up the difference in cash.
You can contest the appraisal if you can provide sales of homes in your area in similar condition that sold for your price with finished basements. You just have to line up apples to apples, so make sure those homes similarly have a significant amount of finished space below grade.
Also sometimes the highest offer isn't actually the best offer unless it's all cash. But if you wish to stick with this buyer you could offer to owner finance the $50k difference.
Thank you for the responses. I am getting an education on this one and have learned a lot reading through previous appraisal topics.