| What
happens if the house doesn't appraise
for the sales price?
One of three things will happen: |
| 1. |
The
contract sales price will be amended
to reflect the lower appraisal amount
and you will close on your new home
based on the lower sales price. |
| 2. |
The
purchaser can pay the difference in
cash between the loan the bank is willing
to offer based on the lower appraisal.
|
| 3. |
The
contract can be terminated. There is
no penalty to the purchaser because
the purchaser was unable to fulfill
the financing contingency in the contract.
|
|
We
highly recommend Northern Appraisal
Group of Virginia. They have
a staff of licensed residential appraisers.
They are F.H.A. approved appraisers
who offer excellent turn around times
and a commitment to excellence. They
are approved by hundreds of Virginia
and out-of-state lenders because of
their outstanding professionalism. Feel
free to check out their website at http://www.northernappraisalgroup.com/.
(Please note all amounts
listed as approximates are estimates
only and may vary up or down)
|
