“Does the seller have to lower the price if the appraisal comes in low?”
Answer:
No.
Remember, an appraisal is just one person’s opinion. Too many people consider an appraisal as “word from above” about the value of a home. But I’ve seen appraisals off by as much as 40%!
Another question you might be wondering is, “Does the buyer still have to buy if the appraisal comes in low.”
The answer is: it depends.
If the contract has an appraisal contingency (or perhaps a financing contingency) that has not been released, the buyer may cancel without penalty if the appraisal comes in below the sales price.
Again, I caution you not to take an appraisal as the final authority and lose a home you really want.
