Appraisal Lower Than Offer
Coming soon.
Hi, I am John Collins, San Diego Realtor, and I want to talk a little bit today about appraisals. Specifically what happens during a real estate purchase when the appraisal does not cover the purchase price.
It is important to understand that the bank lends on what they think the property is worth, not what the buyer has agreed to pay. So we get to this point is escrow, and it can be scary because all of a sudden there's a gap between what the buyer has agreed to pay and where their money is coming from, the amount of money they have to spend from the bank.
Now this doesn't necessarily mean that that the deal falls apart, absolutely not. This is where the real estate agent will come in and help guide negotiation and get all parties to the finish line, which is the goal. The buyer might bring a little more cash to the table, the seller might come down a little asking price. Often it is a combination of the two, but your Realtor will help guide you through that negotiation.
I hope this information is helpful. If there's anything I can do for any questions I an answer please call me my name my name is John Collins. You can contact me online at BeachRealtySanDiego.com
John Collins
DRE# 01948188
888 Prospect St. Suite 140
La Jolla, CA 92037
Get Directions
858.252.0200
Inquire Now
Address
888 Prospect St. Suite 140 La Jolla CA 92037
Coldwell Banker Realty, CalBRE# 00616212
Interested in Pacific Beach property, specifically? Check out PacificBeach.RealEstate
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by Sandicor®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. © 2020 SDMLS ~ By contacting John Collins / Collins Coastal, you agree to receive customer service texts from this business. We will not send you messages without your consent and we will not sell your data. Providing your contact information is confirmation you agree to receive text messages and/or calls from John Collins / Collins Coastal, your phone provider may have fees for this service. Message frequency varies. You may reply STOP at any time to cancel or call us at 858.252.0200.
Powered By:
