Understanding Appraisals and What to Do If Your Home Doesn’t Appraise for Its Purchase Price

It can be a bit of a surprise if your home turns out to be valued at less than the purchase price offered, but this is the type of thing that can occur in an appraisal situation. While this can change everything from your contract to the amount of your down payment if your home has been appraised at less than you envisioned, here are some options you may want to consider.

Review The Appraisal Contingency Clause

If an appraisal contingency clause is built into the terms of your contract, this means that the terms of your contract can be re-evaluated and re-negotiated if an appraisal happens to come up short. While this is meant primarily to protect the homebuyer against a lower appraisal, it doesn’t mean that the terms of a new deal can’t be met for the good of both parties.

Get A Second Appraisal

It’s entirely possible that the initial appraisal is accurate, but it doesn’t necessarily hurt to get a second opinion in the event that the first appraisal seems too low. While you can work in conjunction with your lender to get a second appraisal, you may need to pay for it the second time around in order to get your initial purchasing price. Whether it happens to be good news or bad news, it can be worth the peace of mind to know how to proceed.

Consider A Lower Price

It’s less than ideal when your home is appraised for less than the purchase price, but this doesn’t have to be a deal breaker when it comes to selling it. While you may be able to get away with a higher price for your home in a hot real estate market, if things have cooled off, this can be an important time to re-negotiate the deal you’ve got. If a potential buyer likes your home and has already made an offer, they may be happy to decide on new contract terms.

It can be quite disappointing if your home is appraised at a value that is less than the offer you’ve received, but this doesn’t necessarily mean that you’ll have to put your home back on the market. Whether you and the potential buyer decide to re-negotiate or get a second opinion, there are options that can be beneficial for both parties. Give me a call with any questions – J.P. Cook – 602-320-4253.

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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

10220 E Cochise Drive Scottsdale, AZ 85258

$1,498,000

3 Beds

2.5 Baths

3,133 SqFt

Status Active

MLS # 6716959

Property Type Single Family Residence

Price Type --

THIS STUNNING HOME IS HUGE! THE MAIN ROOMS ARE OVERSIZED. THE YARD IS HUGE!! THE GLASS POOL SPARKLES RAINBOWS!! ITS LIGHT, BRIGHT, IMMACULATE!!!! A NATURALLY LIT 3 CAR GARAGE WITH A FAN. WALK OUTSIDE INTO YOUR BACKYARD OASIS OUT OF ALMOST EVERY ROOM. COOK IN A GRAND KITCHEN WITH IMPRESSIVE CABINETRY. THIS HOME IS AWE-INSPIRING!!!! YOU CAN HAVE LAKE ACESS, WALK IN THE PARK, PLAY TENNIS, VOLLEYBALL, BASKETBALL.... EAT & SHOP AT OUR SHOPPING CENTER, JOIN CLUBS.

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8533 E Montello Road Scottsdale, AZ 85266

$1,497,000

3 Beds

3.5 Baths

3,431 SqFt

Status Active

MLS # 6777777

Property Type Single Family Residence

Price Type --

The private Encanto Norte gated community is home to this beautiful single level custom home. The primary suite is a wonderful retreat including his and her walk in closets. The split floor plan has 2 more large bedrooms with ensuite bathrooms. A great room floor plan with an updated kitchen and dining and an office/den. Gorgeous landscaping surrounds a front yard courtyard and accents the beautiful heated pool and spa in the private and spacious backyard entertaining space. The tranquil desert and mountain views complete this private and well maintained property. A new roof and new HVAC are added bonuses to this well priced home.

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100 W Northern Avenue Unit 13 Phoenix, AZ 85021

$1,495,500

3 Beds

2.5 Baths

3,063 SqFt

Status Active

MLS # 6759072

Property Type Single Family Residence

Price Type --

Welcome to 100 Northern! Nestled in the prime location of North Central Phoenix, this unique, gated new community features 3 different floor plans and only 17 homesites. Experience the elegant sophistication and uncluttered feel of these thoughtful, light flooded designs, where soaring ceilings, sleek lines, and open spaces all converge to evoke a true sense of serene ambiance throughout the home. This 2 level plan features the owner's suite and all primary living on the ground floor with additional bedrooms and flex loft upstairs. Subzero/Wolf appliances, Trane cont. AC units, and tankless water heaters all set the standard for the list of included high-end features. A community pool, dog park and walking path all provide the outdoor enjoyment without the upkeep.

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Munds Park AZ 86017

$1,495,000

3 Beds

6 Baths

4,000 SqFt

Status Active

MLS # 6772459

Property Type Single Family Residence

Price Type --

Currently a restaurant but was formerly a single- family residence. Could be changed back to residential and you would have a sprawling estate.

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27722 E Mount Ord Drive Fort Mcdowell, AZ 85264

$1,495,000

3 Beds

2.5 Baths

3,083 SqFt

Status Active

MLS # 6667696

Property Type Single Family Residence

Price Type --

Welcome to this stunning southwestern home in Sunflower, AZ, offering the perfect blend of comfort & luxury. Nestled in a private gated community, this property boasts breathtaking mountain views and enjoys the great climate of Sunflower. This home features 3 bedrooms, 2.5 bathrooms, a bonus room, providing ample space for relaxation. The open-concept living area is perfect for hosting gatherings, while the well-appointed kitchen, complete with modern appliances and a spacious island. Outside the property spans 5.22 acres across 3 parcels, making it ideal for horse enthusiasts. The property includes grass paddocks, corrals & hay storage, Solar Electrical System, Community well, whole home off grid.

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7180 E Kierland Boulevard Unit 509 Scottsdale, AZ 85254

$1,495,000

2 Beds

2 Baths

1,511 SqFt

Status Active

MLS # 6731549

Property Type Apartment

Price Type --

Welcome to Optima Kierland turn-key luxury Living. This Beautiful East Facing Unit offers spectacular views along with all the amenities & location, location! Enjoy an open floor plan with lots of space. The split floorplan offers expansive windows & walk-in closets in each suite. The outdoor patio is a wonderful place to watch the sunrise or relax in the evening. This unit includes a storage unit located on L3. Optima Kierland has amazing amenities. Rooftop Pool & Spa with scenic views of Mountains and City lights. Walking/jogging track on the rooftop. The world-class fitness center, golf simulator, 2 yoga studios, indoor basketball/pickleball & more. Shopping & Dining within walking distance.

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15407 N 19th Street Phoenix, AZ 85022

$1,495,000

4 Beds

4 Baths

4,100 SqFt

Status Active

MLS # 6766954

Property Type Single Family Residence

Price Type --

PANORAMIC MOUNTAIN VISTAS surround this refined remodel in a secluded cul-de-sac w/Phoenix Mountain Preserve trail access. Savor the sunrise& sunset from covered front & back patios of the hillside ACRE+ lot dressed in new landscape. Contemporary eat-in kitchen boasts professional appliances and sleek quartz counters. Relax away the day in the main suite w/stunning views, patio exit, soak tub. Two addt'l en-suite bedrooms w/walk-in closets. Built-in bar and yard entry set the stage for fun in the family room. Bonus multi-use den. Vaulted ceilings, wide-plank flooring, neutral paints, tasteful fixtures. Masterful split plan w/central great room enjoys a wall of sliding glass exits to the expansive tiered yard. Large lawn opens to pickleball court and spacious lower level w/room for a pool. -

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14503 N Adero Canyon Drive Fountain Hills, AZ 85268

$1,495,000

3 Beds

3.5 Baths

2,583 SqFt

Status Active

MLS # 6767292

Property Type Townhouse

Price Type --

Nestled in the serene enclave of Adero Canyon in Fountain Hills, this brand-new home epitomizes upscale, ''lock and leave'' living. Designed for those who appreciate both luxury and low maintenance, this residence offers sleek, contemporary architecture along with expansive windows and doors, creating a feeling of both privacy and views. The residence is sited on one of the highly preferred, elevated private lots as it backs to the preserve and hills, with no neighbors behind. High-end finishes, open concept living spaces and smart home features complete this modern oasis, making it an ideal retreat for those seeking a balance between sophistication and convenience. With two en-suite bedrooms and study/office in the main residence, plus separate entry casita and upgraded patio yard with spool, no detail has been forgotten in this picture-perfect home!

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4825 N 72nd Way Scottsdale, AZ 85251

$1,495,000

3 Beds

3.5 Baths

2,235 SqFt

Status Active

MLS # 6780709

Property Type Townhouse

Price Type --

Welcome home to your jewel box in the heart of Scottsdale's high-profile 85251 zip code! This modern masterpiece sits in Royale Gardens, a lush and tranquil tree-lined community reminiscent of Old Hollywood. Completely redeveloped from the foundation up and featuring both Scandinavian and contemporary design, this custom two-story residence features a rare 3 bedroom, 3.5 bathroom layout that is both spacious and perfect for entertaining. Stunning from the finest materials used, including imported hardwood floors, floating staircase, glass enclosed showers, recessed LED lighting, marble bathrooms, and a world-class gourmet kitchen with Sub-Zero integrated refrigerator and Corian countertops.

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2549 W Shinnecock Way Anthem, AZ 85086

$1,495,000

3 Beds

3.5 Baths

3,736 SqFt

Status Active

MLS # 6782138

Property Type Single Family Residence

Price Type --

STUNNING CITY LIGHT, SUNSET & MOUNTAIN VIEWS!! This updated Castile floor plan offers 3 en suite bedrooms, den & 3.5 baths. Remodeled Chef's Kitchen includes huge island, granite counters, stainless KitchenAid appliances including gas cooktop, wall ovens & built-in refrigerator. Kitchen opens to spacious family room. Primary suite includes sitting area, private patio, dual vanities, oversized tub, walk-thru shower & double walk-in closets. Backyard features new limestone pavers, synthetic turf, spa with ramada & elevated sitting area!

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38424 N 69th Street Cave Creek, AZ 85331

$1,495,000

4 Beds

4 Baths

3,205 SqFt

Status Active Under Contract

MLS # 6769291

Property Type Single Family Residence

Price Type --

DON'T MISS THIS STUNNING & IMMACULATE CUSTOM HOME IN TOWN OF CAVE CREEK! STUNNING & IMMACULATE 4 BD/4 BATH/3+ CAR GARAGE IN GREAT LOCATION OF CAVE CREEK! SOARING CEILINGS!GREAT ROOM FLOORPLAN! ALDER WOOD CABINETS & DOORS;FIREPLACE IN GR;GRANITE COUNTERTOPS;CHEF'S KITCHEN WITH SS APPLIANCES!PANTRY;EAT UP BAR;EAT IN KITCHEN & FORMAL DR W/BUILT IN BEAUTIFUL HUTCH.SPRAWLING PRIMARY BR /SPLIT FLOORPLAN ~ ALL ONE LEVEL. ON DEMAND HOT WATER;UNBEATABLE MOUNTAIN & SUNSET VIEWS! BACK PATIO IS PERFECT FOR ENTERTAINMENT;BUILT IN BBQ;HEATED SPOOL;JACUZZI HOT TUB; HUGE COVERED PATIO W/TV~SITTING AREAS. LUSH LANDSCAPING!FRUIT TREES!OVERSIZED 3CG W/BUILTINS & SHOP AREA- CLOSE TO TOWN FOR ALL THE AMMENITIES YOU COULD WISH FOR!

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5632 E Emile Zola Avenue Scottsdale, AZ 85254

$1,495,000

4 Beds

3 Baths

2,934 SqFt

Status Active

MLS # 6781991

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home in 85254! Back on the market and better than ever, this beautifully remodeled 4-bedroom, 3-bathroom home boasts 2,934 sq. ft. of luxury living right across from Sereno Park! This meticulously designed home features a grand, vaulted living room with authentic wood beams, creating a warm and inviting space perfect for relaxation or entertaining. Two primary suites offer ultimate privacy, each with its own spa-like bathroom and generous closets. The heart of the home extends to a stunning backyard oasis on a sprawling 1/3-acre lot. Dive into the sparkling pool, fire up the outdoor kitchen, and enjoy endless Arizona sunsets in style. Don't miss this reimagined gem - set your private tour today and see what makes this home so special!

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