Buyers and sellers of luxury homes in Highlands NC may wonder what to do with a low appraisal. A low appraisal can cause quite a quandary. There are a couple of options, a buyer can buy at the agreed upon price for the home regardless of the lower appraisal or he may choose to walk away from the deal. Regardless it is important to remember that an appraisal is an estimated value for a Highlands home with the reality being that a home is truly only valued at what a buyer is willing to pay for it.
The appraisal is an important contingency to have in a real estate contract. Many buyers do not like the idea of paying more than a home is worth and of course they relish the idea of paying less for a home than it is truly worth. The issue lies with lenders. A lender will lend on the value of a home and not for more than its value. If an appraisal for a Highlands property comes in for lower than the agreed upon price the buyer can ask the seller to lower the amount or accept that he has to make up the difference.
There are many steps involved with buying Highlands real estate. Contact us today to learn more about the process and let us help you complete a successful real estate transaction. It is a great time to be a buyer and we would like to help you make your dream of owning a home in Highlands NC a reality.