Appraisal
Appraisal came in low? What it means, in English and Spanish
An appraisal is a licensed appraiser’s estimate of the home’s value for the lender, which will not lend more than the appraised value supports.
If the appraisal comes in low
The usual options are renegotiating the price, the buyer covering the gap in cash, splitting the difference, a reconsideration of value, or – with an open appraisal contingency – terminating before its deadline.
Send it in Spanish
The same explanation for a Spanish-speaking buyer or seller – copy and send:
El “appraisal” es el avalúo: un tasador con licencia estima el valor de la casa para el prestamista, que no presta más de lo que la casa vale según ese avalúo.
Appraisal (avalúo): ¿qué pasa si sale más bajo que el precio?
Calculate the deadlines: Real estate contract timeline calculator
General explanation, not legal advice and not a translation of the contract. The signed contract and the law of the state where the property is located govern.
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