Appraisal is higher that the asking price

[Lorraine Patterson]

Hello BP Family,

I’m under contract for a new construction home where the market value has increasingly gone up in the last few months, and my realtor is sure it will get appraised for more, is this a good thing or a bad thing. Can the Seller/builder cancel the contract? And if so what are the chances? I’m nervous, I’m already in too deep emotionally.

[Kyle Mccaw]

All you need to worry about is having it appraise for the purchase price for financing purposes.