My Home Appraisal Is Higher Than My Home’s Sales Price … Should I Worry?
There’s a lot of talk about a home appraisal coming in low, but can a seller back out if the appraisal is high? We explain what happens in this scenario.
Your agent takes you to that picture-perfect home that includes everything on your must-have list. It’s the one; you’re ready to pounce and make an offer, and your agent’s coming at you with next steps — sales contract, contingency options, the appraisal. There are lots of moving parts, and your agent’s primary job is to protect your interests. A big part of that is making sure you’re not overpaying for your home.
That’s where the appraisal comes in, and it’s often a sticking point in a home sale transaction. An appraisal that differs from a home’s purchase price can throw a monkey wrench in the deal and can even stop it in its tracks — appraisal hiccups account for 5% of all delayed real estate contracts.
You hear a lot about the challenges buyers may face when an appraisal comes back low. But what’s at stake when it comes back higher than your home’s sale price? What happens next might surprise you; we talked to top-selling agent Amy Haggstrom in Council Bluffs, Iowa, and certified appraiser Ryan Lundquist in Sacramento, California, to shed some light on the home appraisal process and how buyers could benefit from high appraisals.
Find an Agent To Help You Make Sense of Your Home Appraisal
Working with a top agent can help you take the stress out of evaluating your low appraisal options.
