Updated over 7 years ago on . Most recent reply
Appraisal coming in low, how to dispute?
I have a house that's under contract. I'm buying it at $150,850 (motivated seller) and 4 years ago it sold for $187,500. It is in the same shape as before.
The appraisal came in at $155,000 and will cause me more than $5000 extra in downpayment that I was not prepared to pay. How can I dispute this?
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
How is an appraisal $5k More than purchase causing issues? Your loan is based on your purchase price no matter how much higher your appraisal may be.
Typically appraisers will appraise at or just above contract price when it is worth more.