Understanding Appraisals and What to Do If Your Home Doesn’t Appraise for Its Purchase Price

It can be a bit of a surprise if your home turns out to be valued at less than the purchase price offered, but this is the type of thing that can occur in an appraisal situation. While this can change everything from your contract to the amount of your down payment, if your home has been appraised at less than you envisioned, here are some options you may want to consider.

How Does A Home Appraisal Work?

Whether you’re a buyer or a seller, a home appraisal is a critical component of the home selling process. An appraisal is also required in situations where a home is gifted to a family member, so it’s important to have a clear understanding of what it entails.