Home appraisal come in low? Here's how to salvage the deal

If you are seeking to purchase a home, your mortgage lender will likely require you to have the home professionally appraised and pay for this appraisal, which can cost a few hundred dollars. The appraisal is conducted by an expert who will determine the value of the property based on a visual tour, recent sales of comparable properties, today’s market trends, and other factors.

Problem is, the appraiser may determine that the home for sale is worth less than what the seller is asking for it. A low appraisal in a hot market can result in the deal falling through. But it’s possible to make the transaction work if you and the seller work together and make compromises. Learn more about why appraisals sometimes come back lower-than-expected, why the appraisal is important to the lender, and what you can do if you get a less-than-desirable appraisal by reading my latest article for Home.com, available here.