My appraisal came in low: Why it happens and buyer options

Source: Dana Bull.

As a new home buyer, a lot of questions may keep you up at night. What if we can’t find a house before our lease ends? What if we can’t find a place we like? What if we fall in love with a house and get bad news during the inspection?Rarely, do buyers ever wonder what happens if an appraisal comes in low. But this can be a stressful issue for anyone trying to finance a purchase.

What is a Home Appraisal and Why Do You Need One?

If you are obtaining a mortgage to purchase a home, a bank appraisal is a necessary evil. You see, your lending partner is going to highly invested in your purchase. For instance, if you are putting 5 percent down, the lender is bringing 95 percent to the closing table. That’s a lot of money! Understandably, your lender will want to…