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PSA: Our appraisal came in $15k under the offer price and stalled everything for 6 weeks
We were set to close on a house in Cincinnati until the appraisal report showed a huge gap, which meant renegotiating with the seller and our lender. It actually took over a month and a half of back-and-forth calls and paperwork before we finally got a revised agreement. Has anyone else had to deal with a major appraisal shortfall, and how did you handle it?
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colegarcia6mo ago
Man, that sounds like a total nightmare. Did your lender require a second appraisal, or were you able to get them to accept a reconsideration of value with some new comps? I've heard some banks will budge if you can find better recent sales data to show them.
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milalewis5mo ago
Good point, it's like when stores insist on scanning your receipt to leave.
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kevin_lane6mo ago
A lot of people forget to check the appraiser's actual license and complaint history. A bad one can really mess up the whole process with low effort work.
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