An appraisal of $249,000? The home seller learns that his $300,000 asking price is much higher than the actual property value. If you are the buyer, this figure means that the amount you can finance on the property is much lower than you expected. An appraisal value that is considerably lower than what you have offered should be a red light — a warning that you may be paying too much for the property. So is the deal over? Is it time to panic and throw in the towel? Can anything be done?
First, take a look at what may have caused the low appraisal. It might be due to factors that the homeowner could correct, such as repairs or maintenance. If that’s the case, the appraiser may be willing to take a second look and adjust the appraisal accordingly.