Mortgage Answers / Homebuying Decisions
The Short Answer
A value below the purchase price can change the loan and the cash you may need. Review the report with the lender and your real estate professional. Contract terms, possible price changes and any review of factual errors affect your options.
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A lower value may change the loan figures. It does not automatically tell you what to pay or whether you must cancel.
Ask the lender how the appraised value changes the loan amount and money needed.
Discuss possible price or other contract changes with your real estate professional. Do not assume the seller must agree.
Review any appraisal-related contract conditions and deadlines before deciding.
A factual concern should go through the lender's review process. A complaint does not guarantee a higher value.
Identify the specific factual information you believe is wrong. Keep the report and supporting records.
Ask the lender how to request review of the concern. Follow its process rather than assuming a new value.
Confirm what the review means for your closing schedule and contract dates.
The loan and purchase contract are connected but different. Get clear figures and review the actual contract.
Get updated loan and cash figures from the lender. Do not budget from the old numbers alone.
Ask your real estate professional or attorney which contract options apply. A refund or cancellation right is not automatic.
Choose the next step using the updated figures and deadlines. Do not assume the value will change.
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A value below the purchase price can change the loan and the cash you may need. Review the report with the lender and your real estate professional. Contract terms, possible price changes and any review of factual errors affect your options.
The loan and purchase contract are connected but different. Get clear figures and review the actual contract.
An appraisal helps assess the home's value for the loan. An independent inspection examines its physical condition. One does not replace the other, and neither guarantees that a home has no problems.
Title insurance addresses certain covered problems with property ownership rights. A policy protecting the lender and a policy protecting the owner have different jobs. Read the coverage, exclusions and exceptions with the title professional before closing.
Your lender may require homeowners insurance, but its requirements are not the same as choosing all the protection you need. Compare coverage, exclusions, the amount you pay on a claim and the cost. Ask about separate protection for risks a standard policy may not cover.
Not necessarily. Ask how the value affects the loan figures and discuss the actual contract and available options with your lender and real estate professional.
No. Provide factual concerns through the lender's process, but do not assume the value will change.
No. Contract terms and deadlines affect the options. Ask your real estate professional or attorney.
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