The Dreaded Low Appraisal

When financing a home purchase, an appraisal must be ordered by the lender. Occasionally, the appraisal comes in too low and we must justify the higher sales prices to the banks. The link below from the New York Times outlines the what, why and how of low appraisals and the options available to buyers when this happens. We’ve experienced this in the Austin, Texas area lately due to the quick rise in home sales prices and the lack of comparable properties that have recently sold. Don’t fret! As qualified Realtors, 787 Realty agents are experienced in working with appraisers and compiling data to support your purchase.

http://www.nytimes.com/2013/09/15/realestate/when-appraisals-come-in-low.html?adxnnl=1&adxnnlx=1379100601-o5tmFlN3Y55ZJiNA1sr0OA