What if My House Doesn't Appraise For the Purchase Price | What Happens if Appraisal Comes in Low
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- เผยแพร่เมื่อ 3 ต.ค. 2024
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In the process of buying our home and I have to say these have been some of the most informative videos I’ve found on TH-cam! Thanks for providing great content!
Thank you fur the feedback and thanks for watching!
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Agreed
l
@@madalinebell1525 my grandparents buying a home the house inspection is done now we are waiting on closing
This is college right here! Home Buying 101. Taking notes 📝
So wonderful!
I used to work as a mortgage banker and I’m buying my first home and it came in low. You covered this beautifully! Thank you
Thank you, I hope everything works out in your favor.
I've watched so many first time home buyer videos and I have not heard this information anywhere. Thank you!!
Thanks for watching...trying to make sure everyone has the info they need.
🗣🎤 Sitting down, tuned in & taking notes 🧾✍🏽
Hey you are #1 again! Thank you for watching🙂
@@ShaheedahHill Hi could you please educate (us) your audience on difference between "pending" & "contingent"? With the current surge in homebuying almost every search list the property as one or the other. Thank you.
@@ElleBrOw Pending means it is under contract with a buyer. Contingent usually means it is under contract but the sale is contingent on the buyer selling their home first.
Bitcoin has been around for over a decade now, while a lot of people where skeptical at first, it is no longer a secret that it has turned a whole lot of people into millionaires. Bitcoin is currently growing incredibly strong from a technical and fundamental perspective. One indicator of the digital asset’s fundamental strength is the massive exchange outflows seen throughout the past several months. I was introduced to bitcoin trading 4 months ago, As a married woman with kids and a career I thought I was too busy for that. but I decided to give it a try. so I started with $10,000. I made very little profit over the month as my funds grew from $10,000 to $11,540. but 2 months ago I met a very professional bitcoin expert called Mr Carlos Andrew, Ccarlos coached me from a novice-level into a pro, he taught me everything I needed to know, when I first started trading with carlos strategy, I didn't know it will turn out this big for me, in fact my first month of trading with his strategy, i was able to make 7btc with 2btc in 3weeks with the same strategy, He can be reached via Instagram @carlos_andrewfx or facebook facebook.com/Carlos.andrewfx +19715122836 for inquiries for insights into all crypto related issues.
@@williesimpson1793 LOL
As a certified appraiser of 16 years I have to say you are spot on. You got everything right and I really appreciate that! Thank you!
Tony G. I’m looking for a trainer in Richmond area. Do you have any connections please I can contact? I’m thinking to start class January 2021. Thank you
@@BestofMadagascarLLCSterling unfortunately I do not. I am in Fredericksburg and you'll find out after you get licensed and eventually go out on your own that we don't talk to each other that often. Best of luck!
Um, if you are an Appraiser, and you think that she is correct on everything, then I would wonder what one of your reports would look like. Where do you get this idea that the borrower owns the Appraisal?
@@scottasbj The lender originally owns the appraisal report as they are the client who ordered the appraisal. The borrower pays the lender for the report and is provided a copy. I've been doing this for 16 years and my reports look fantastic. Thanks!
Thank you so much for the validation! I appreciate you watching!
My husband and I are buying a our first home this year. I absolutely love your videos because you explain everything so clearly. You’re definitely helping people buy with the confidence.
Thanks so much!
I am SO grateful that I found your videos! My husband and I are finally house hunting for our first home. Rates and home prices here in NJ are crazy...it's so overwhelming. Knowing that the appraisal is such a huge factor in how much we should offer for a home has me so anxious. You've eased some of my worries, knowing that we can put appraisal contingencies into the terms of our contract. Thank you for sharing your wealth of knowledge! My husband and I are back to back in our office together, each watching some of your videos. haha! You are amazing!
Thanks for watching!
Closed on my house late September and these vids were a Godsend. Thank you ❤️
Congratulations and thanks for coming back and giving an update. I appreciate you watching. How did the appraisal go?
@@ShaheedahHill it appraised at value luckily. So closing went smoothly.
@@rikadew great!
Very well put! I wish this info was taught in your basic school classes for highschool. The amount you need to learn in the real world is a lot...
Thank you! I used to be a high school business teacher...I taught it but you had to be in my class😁
In the process of buying my first home and I’ve been so worried about the appraisal (for no reason other than me being worry wart). You mentioning the fact that the appraisal stays with the house for a certain amount of time for FHA loans definitely eased my worries! Thanks so much for your info!
Yes 120 days 🙂
On the same boat, my home should be getting appraised in the next week or so. I don't know why am I so worried lol 😅
It’s like your videos always reflect my current situations!!! I love it
Thanks for the insight
Buying a new construction townhouse and I am at the appraisal stage Thanks to you Ms. Hill for calming my fears, Very important information.
Congratulations on your new home! Thanks for watching.
currently dealing with this on a new construction home that has $20k worth of upgrades and appraised for $6k less than the selling price. It's all a waiting game now and i'm stressed! thank you for this helpful video.
I hope you were able to get this taken care of. I don't have this happen often with new construction but the one time it did, the builder just lowered the price. Just curious did you us the builders preferred lender?
@@ShaheedahHill thank you! I will definitely keep you updated. I did use their preferred lender. I was told that if they lower the price, they’ll take away my incentives (1 year free HOA and $2500 towards closing) :/
@@BriannaSimonexo Have your agent keep pushing, if you are doing FHA you can usually terminate without penalty and they want you in the house and the appraisal will stay with the home for several months. Even if your agent needs to contact corporate.
Shaheedah! We're a military family with no house buying experience. I've been watching your videos and they're so helpful. You're great and you've helped me so much. Thank you!
Thank you!
Appraisers are paid a fee, say $400, but the lender charges $550 for the appraisal on the truth in lending statement. The $150 extra is part money grab and part appraisal management fee for the company who ordered the appraisal on behalf of the lender.
The appraisal is owned by the lender, not the buyer (even though the buyer paid for it. ) The lender provides a copy to the borrower, by law, at least 24 hrs before closing; usually earlier in a purchase loan.
@cardinal8268 Thank you for watching
Your videos are most detailed and informative. You answered all of my questions and concerns. Thank you for the new construction bonus part. It was exactly what I wanted to know. 🙏
Thanks so much for watching
I am a first time home buyer using a VA loan. I am under contract and ive been very nervous about the appraisal coming in low. This video eased my worries
I am so happy you found this video, thank you for your service and congratulations on your new home!!!
This video even though it's a year old was spot on with with your scenario. In one of your most recent videos I chimed in on how the VA appraisal came in lower than the contract price making this a tidewater case . I shared the report with the seller he felt the house was worth the contract price, bottom line we met half way on the appraised price. We both signed an addendum with the renegotiated price.today we are happy new home owner. Ms.Shaheedah Hill !! Your videos are SPOT ON !!!! Y'ALL BETTER LISTEN !!.
Thank you and congratulations!
@@ShaheedahHill thank you.
Congratulations
@@victorcordero1458 thank you
Have sold and purchased 8 times each...spot on! Kudos!
Thank you, I appreciate the feedback!
It’s like your videos always reflect my current situations!!! I love it
Thanks for the insight
You are so welcome
In my opinion the VA home loan is the best hands down. This is because unlike conventional and FHA loans the VA loan has the tidewater for the appraisal which automatically activates if the appraiser says the value is under the sale price. The appraiser will also have to notify all the agents and lender and give typically 48 hours to submit supporting comps. And if this does not work you can then put in for a reconsideration of value to the VA and possibly even get another appraisal done. But the other loans such as FHA and conventional have none of this.
Thanks for the info. I’m going with a VA Loan
I just found you today .I am sooo thankful for all the knowledge and information .I now have the confidence that it is possible for me to reach my goal.Thank you, Thank you
Thanks for finding me!
Thank you Shaheedah...you are very knowledge and I always learn from you. Can you do a video on concessions?
Thank you for watching, yes I can do that hopefully before the end of the year.
Shaheeda, I just got an appraisal today on a home I am selling, first time for sale by owner and I have many questions, your wonder video answered them all, thank you so much and God Bless you and your family and your business.
Thank you and sometimes depending on the appraiser you hired, if the buyers appraisal comes in lower than yours they may offer to help you dispute it.
Unfortunately buying in the New York metropolitan area in 2021 if you don’t wave contingency upon appraisal your offer won’t even be considered. Prices are inflated and buyers are at risk, but if you want to get into a home you really have to do your homework and understand your appraisal may be lower. Seems to be part of the cost of getting in right now.
I’m under contract! I’m closing 6/30🤞🏾thank you for all of this wonderful information! You’re “America’s Realtor”🤣🤎
I have been so worried about the appraisal as we put in an over asking offer.
Best of luck!
How did it work out for you?
@@bronsonschnitzel7493 appraisal came up just 5k less than the price we offered 🙌🏾
Very informative video! I've put in an offer for the most expensive home in the neighborhood by far (due to renovations) and was worrying quite a bit about the appraisal coming in low. I'll know what to expect now. Thanks!
Hopefully it will appraise, but if not go back to the negotiating table. In this market most sellers are making significant money on the home sale so they are willing to reduce to appraised value.
Thanks for the knowledge. I'm undergoing this process at the moment and I'm a little nervous because due to this crazy market I agreed to pay 20k over asking price and now I'm hoping the home appraises
Good luck!
@@shannabanana83 thanks for the video. Wondering from his question, when someone offer for instance 20k over asking price lets say house is 300k, you offer 320, then appraisal comes at 300k, which amount are you obligated to pay? By the way, moving to ATL from MD in January with he intent to buy right away if homes available, and please mark my name because you will be my realtor for sure. Thanks
It depends on the contract, if it has an appraisal contingency that says you can only pay the appraisal price then is would be the $300K, so then there are 3 things that can happen 1. Seller drops price to appraisal price 2.You offer to pay the contract price or negotiate any payment in-between. This will be a cash payment from you, the lender will only lend contract price. 3. You terminate the contract because you do not want to pay the contract price and seller does not want to reduce price. Yes, I would love to work with you!
Why??
This is so helpful! We’re currently days away from the appraisal. Hope things go in our favor!
Thanks for watching and best of luck. Would love to know how it turns out.🙂
Did things work out?
@@adriajenkins-harper9706 Yes, they did! We closed back in November! Thanks for asking 💕
@@jamilangley7754 that's awesome. Congrats to you :) I'm mentoring my 27 yr old son thru this process. His appraisal is scheduled for next week, fingers crossed all goes well.
Hi I’m a first time home buyer your videos have helped me tremendously so thank you sssoo much. My realtor is great but I was a lil confused till I started watching your videos.
Thanks Erika! I really appreciate you watching and best of luck with the process.
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Clear, understandable explanations! Thanks for very useful information!
Thank you for watching!
Very informative videos. Thank you!
@ij6035 Thank you for watching
Can you please do zoom meeting so we can ask questions
WOWWWWWW!!!!!! Thats awesome!!!!!!
@Fox_6494 Thank you for watching
Thank you so much for all of these amazing informative videos. I'm a first time homebuyer and your videos have helped me calm my nerves every step of the way!
You are so welcome! Congratulations on your new home!
Wish everyone had her in high school or college as an instructor
This is the best video ever!!👍👍 Thank you so much I learned a lot. Im buying new construction house. Getting a appraisal next week with conventional loan. Thanks. I'll subscribe also.
Thanks for watching!
Lots of solid info packed in this video. Thanks!
@ianceasarbonachita Thank you for watching
My appraisal came $4,000 lower which I was not happy about but I guess it’s not that bad... and for my first purchase it’s not that bad I guess and taking into consideration how hard it is to snatch a property right now...
I hope mine comes in that low when i find a house lok
Articulated and spoken very well! Thank you for sharing your knowledge! 💜
Excellent! Very professional and knowledgeable. 🙏🏾
Thanks for watching!
Very detailed and informative. Thanks for sharing.
Thanks for watching!
You literally answered every question I had! Thank you 😊
You are so welcome, thanks for watching!
Thank you Ms. Hill. I am going through this process now and you clarified a lot for me.
Thank and you and best of luck!
Shaheedah, as usual thanks for this priceless information... Appreciate you!
My pleasure!!
Great job. I’m RA too. Very informative
@user-py7hg1eb5m Thank you for watching and for the feedback!
I'm not sure how I stumbled across your video, but as a new agent, I'm glad I did!!! I hit that subscribe button, lol.
I have a question I'm hoping you can answer...again, I'm a new agent...can an escalation clause and FHA Amendment be used together? If so, on the FHA Amendment, do I use the "escalated" price or the price of the original offer?
Hi and thanks for subscribing. Once you get the offer accepted you can update the FHA Contingency to reflect the contract price. You can add something like :All parties agree to execute a conformed copy of the Binding Agreement reflecting the final contractual
price and terms" Best of Luck!
@@ShaheedahHill thank you!
Recently made an offer on a home listed for 290k. The offer was 310 with a 5k appraisal gap. No decision was made from the seller yet, but I hopefully good news is coming my way. GREAT VIDEOS
Best of luck, thank you!
@@ShaheedahHill Wanted to provide an update. The offer was accepted and we close on May 27th!!!!!!!!!!!!
@@darongates1808 congratulations
Congratulations
If the seller disputes the appraisal and wants another appraisal fors the seller pay for that.. and for 600$ an appraiser shouldnt miss anything. No one is rushing the appraiser
Thank you. I really learn a lot from watching your videos ❤
You are so welcome!
Thanks for all the quality information and advice that you gave God bless you
Thank you for watching!
Best video I've have see yet!! Thank you so much!
Wow, thanks!
Excellent delivery!
Thanks for watching!
Currently in this situation. Thank you so much for this informational video!!!
Thank you, let me know how it goes! Best of luck
Great video. You are always giving the people something new to help in this Home buying process. I appreciate it.
Thank you for watching, I'm trying😊
Your channel is so helpful. Thank you!
Thank you so much for watching and commenting - it is appreciated!!
Bitcoin has been around for over a decade now, while a lot of people where skeptical at first, it is no longer a secret that it has turned a whole lot of people into millionaires. Bitcoin is currently growing incredibly strong from a technical and fundamental perspective. One indicator of the digital asset’s fundamental strength is the massive exchange outflows seen throughout the past several months. I was introduced to bitcoin trading 4 months ago, As a married woman with kids and a career I thought I was too busy for that. but I decided to give it a try. so I started with $10,000. I made very little profit over the month as my funds grew from $10,000 to $11,540. but 2 months ago I met a very professional bitcoin expert called Mr Carlos Andrew, Ccarlos coached me from a novice-level into a pro, he taught me everything I needed to know, when I first started trading with carlos strategy, I didn't know it will turn out this big for me, in fact my first month of trading with his strategy, i was able to make 7btc with 2btc in 3weeks with the same strategy, He can be reached via Instagram @carlos_andrewfx or facebook facebook.com/Carlos.andrewfx +19715122836 for inquiries for insights into all crypto related issues.
Thank you Ms Hill! I learned a lot and your presentation was very helpful. Keep up the good work!
Thank you! Will do!
Hello Mrs. Hill,
Thank you for the information. I have a home right now on the market pending appraisal. This video is right on time.
Your videos are so informative and we all appreciate your honesty and knowledge.
Thank you for watching and Best of Luck!
@@ShaheedahHill Thank you
You've made this so easy to understand! Thank you!
Thanks for the feedback and for watching
You’re amazing!! Thank you for making this video. You’ve answered all my questions about home appraisal!!
Thanks for watching
Present in class, prepared, 📝
Thank you!
In this situation now , literally 107k under what we offered. I'm thinking is this because the appraiser is way off or the agent put it way too high?? Hoping the seller can come off the price a bit and we meet in the middle. We are waiting for an answer ! Very nerve wracking !
Best of luck, more than likely the agent listed it too high trying to take advantage of this sellers market.
thank you, Shaheedah! your videos have been so helpful to me, Just submitted an offer yesterday and used your tips! We added an escalation clause (with appraisal contingency and proof of the other offer), a letter explaining what the house meant to us, and the loan is conventional. We'll hear back on Monday, I'm praying for good news!!
Fantastic! Fingers crossed😀
Hey 👋Ms Shaheedah, thumbs 👍 !!! You always cover everything needed to know about on your topics. God bless 🙌you and your family. From New Jersey.
Hey from Atlanta! Thank you for watching😊
It’s like your videos always reflect my current situations!!! I paid for my appraisal upfront $680
Thanks for the insight
Oh good! I get the appraisal and the earnest back? That’s great!! Thanks so much! I literally learned so much in these 17 minutes
Thanks for always watching... let us know when you get your appraisal and come out of underwriting🙂
Woww, Thank God, My 1st time hearing this, thank God!!!
nice!! I also didn't know you get the appraisal money back!!!
@@ifoundwaldo78 My understanding is you don't really get that money back as in a cash refund. It will just show up at closing that you have already paid that cash upfront. So it won't be a added cost. I've asked a few knowledgeable folks and they've confirmed this. At least here in SE TX. Please be sure your realtor or loan officer makes that clear to you.
But of course this is if you are going forward with a home purchase contract. peace, e.
@@edtoo9198 yup closed on my house a few weeks ago and that money is gone
This is the most scary part of getting a house.
Outstanding video. Great information. Thank you.
Glad it was helpful!
you did a fantastic job explaining everything i wanted to know and was concerned with!
So happy to hear that, thank you for watching!
Thank you
Thanks for watching!
You taught me so much in this one video I’ll be watching more thank you
Thank you so much - welcome to the channel!
Shaheedah, I was so upset I missed your live yesterday and I had a specific questions about "guess what" appraisals and how to deal with a home being priced under the listing price. Thank you for always being on the pulse of great information with the entire home buying process. Your content is always amazing...please continue to bless with your amazing videos. GOD Bless!!
You are so welcome, see you next time!
Hey hi is my first time watching your channel and let me tell you something your are the best and what you do and how you explain everything I’m learning so much with you and thanks so I do appreciate your time 🙏🙏🙏🙏🙏🙏 I am a new subscriber to your channel
Awesome, welcome to the channel!
I always learn something new!
Thanks for watching!
Great information and been watching your videos. Great channel!
Thanks for watching!
Learning so much information here thank you 🙏🏽
Thanks for watching!
Thank you for the information.
What if your builder is your lender?
The lender still has privacy obligations to you. However, sometimes you may waive those in your contract when you go with the preferred lender- review your contract. The builder is not your lender, they are two seperate entities, even if they are under the same umbrella.
Excellent video 👍🏼
Thank you for the great content and not being so corny like all the other real estate people providing content in this category.
Thank you, I appreciate that 😊
🤣💯shes the best, she ain’t no hater
What sense does it make to appraise the home towards the end of the purchase? Wouldn't it make more sense to appraise it in the beginning to make sure everyone is on the same page monetary wise without wasting money on inspection, moving costs, time etc
The seller can sell their house for whatever someone is willing to pay. Appraisals come in when a buyer wants to finance their purchase with a mortgage loan. That's why appraisals are typically not done on the front end.
@@ShaheedahHill thank you for the reply!
Thank you Shahdeedah!
@helenaanonymous3942 Thank you for watching
VERY informative, well done. Thank you!
Thank you for watching
Two questions regarding new construction. One-What if you pay for the appraisal up front and an appraiser goes out but the home isn’t ready to be appraised (it’s in the plumbing and electrical installation and inspection phase; no drywall nor insulation has been completed). Do you have to pay that again or does the appraiser just come back? Second-Can you confidently expect your home to appraise if the builder has raised the home prices since you’ve been under contract? For ex: you went under contract on a home for $500k in Dec last year and your same model home’s base price is listed for more in 2023. Is that assurance that your home will appraise for at least the $500k? For context this is a home that is currently in the second phase of the builder’s new construction homes (there will be more phases coming) and this is using an outside lender, not the builder’s. Thanks in advance for any advice you can provide. This was such an informative video!
Hi Chrissy, Good questions #1 - for new construction the appraiser comes out 2 times, one usually half way through the building process and then come back at the end. Ask your lender the total cost, the appraisal fee is typically on your loan disclosure. I have seen a small additional fee in the past for the 2nd time out. You don't pay twice though, since there is only one report. 2. You can expect your home to usually appraise for the purchase price...it may not initially appraise for the newer sales price because those homes will close after your home so the appraiser will not likely have those values, but as those homes close the value of your home will increase and give you more equity🙂
@@ShaheedahHill thank you so very much!! This helped a ton and makes complete sense!
The closing costs (including realtor commissions) reduce when the price of the house is reduced. Those costs need to be factored in when bargaining with the seller.
@prayonkreutz2398 Thank you for watching
Thank you so much for the bit about new construction! That’s our case right now, and this added a lot of value to us. Thank you so much for doing and sharing this video with us
Hey Shaheedah, can you please make a video about buying a home 'subject to'?
Great points, excellent video.
Thanks!
Thank you for this very helpful video. Our lender said Fanni Mae is waiving our appraisal , meaning we don’t need an appraisal. He made it sound like we should be excited by this. Is this a red flag? My gut is saying to get the appraisal done.
Sometimes if you are putting at least 20% down the lender does not require an appraisal, but I think you should get one, so you will have an independent value of the home, sometimes when a house does not appraise it can stop a deal so the lender is likely excited since that is one less hoop to jump through. But an appraisal in my opinion can only benefit the buyer. Do you have an appraisal contingency?
@@ShaheedahHill ok must be because of 20% we are putting down. We have an appraisal contingency. Based on your video and discussing with others it seems if it appraises low then they can lower the price, or if they refuse we can walk away or still choose to pay the initial agreed on price. Since they built another room, based on your other appraisal video it seems it will appraise higher than the asking price so my concern is then the appraisal gap they may want us to cover and we cannot afford that.
Omg my appraiser was $900 👀 and I paid already- closing March 16th hopefully
It is more expensive in some states and size of home may also increase price.
I'm glad I don't live in Atlanta but I'm sad you don't live in Middle Tennessee.
🙂
Very helpful 🥰😍 thank you
You’re welcome 😊
Hi I'm a buyer. the house I wanted it didn't appraise. The Seller wont negotiate because they believe their house is more than the appraise. They asking us to look for another appraiser from a different lender. My question is Can I look for another appraiser from a different lender?
For FHA loans the appraisal will stay with the house for 120 days, so you cannot get a new appraisal even if you switch lenders. If you do conventional you can switch lenders to get a new appraisal. What the sellers should do is dispute the appraisal and see if they are able to get it adjusted. They present their comps to the appraiser and even move to the supervisor level. But they are under no obligation to sell it for the appraised price unless there is something in the contract that says otherwise. @eastcoastninja6516 Thank you for watching
Thanks so much for sharing your knowledge!
When selling how can you make sure you get a fair appraisal? I've heard some stories of appraisers appraising minorities less than the true home value. Thanks for your videos.
I did a live on this and it would be helpful to watch that video. But you have to know the approximate value of your home and if it comes in a lot lower, you need to dispute that appraisal. th-cam.com/users/liveeQ30Ir_r1oM?feature=share
@@ShaheedahHill Thanks for the quick reply 👍. Going to watch it right now.
Really great informative video thanks!
Thanks for watching!
Very informative! Thank you.
Thanks for watching!
Shaheedah, I did have another questions, when should I place the appraisal contingency in my contract? I just want to make sure I have it in place at the right time. Thank you in advance for your help.
The appraisal contingency will be in your initial contract. Ask you agent to review the contract with you ahead of time to make sure you understand it. You typically cannot add it later.
Lead abatement in paint as well.
Thank you so much I learned a lot
Thanks for watching!
Thanks for your help
No problem, thanks for watching
Excellent content!
Much appreciated! Thank you for watching.