San Antonio Area Home Buyer Q&A:
What happens if the appraisal on my house comes back under the sales or contract price?
What happens if the appraisal on my San Antonio area house comes back under the sales or contract price?
If the appraised value on your potential new home comes back under value during the option or pending period of your contract the terms of the signed and agreed upon contract will determine your options. As a home buyer you want to make sure you have the option to either A) re-negotiate the sales price or B) terminate the contract with out penalty and release of full earnest money.
This can and should be done by correct wording in the contract or with the addition of necessary amendments or addendum need be when the initial terms of the contract are being negotiated (often after the fact can be too late, so make sure this is done to your satisfaction up front in the original contract).
When the time come we will make sure you are covered and protected as an informed home buyer. Please let us know if any questions & continue to search ALL homes on our site!
Joseph K. Keresztury
All information deemed reliable but not guaranteed.