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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3118 N 15th Avenue Phoenix, AZ 85015

$610,000

3 Beds

2 Baths

1,392 SqFt

Status Active

MLS # 6771036

Property Type Single Family Residence

Price Type --

The search is over! Fall in love with the appealing open layout featuring a soothing palette, a modern feature wall, recessed lighting, and attractive wood-like flooring. The delightful kitchen comes with quartz counters, grey shaker cabinets with crown moulding, a stylish tile backsplash, stainless steel appliances, a handy pantry, and a center island with a breakfast bar for casual dining. The primary bedroom includes an ensuite with double sinks, a lavish raindrop shower, and a convenient and large walk-in closet. Outdoors, you'll find an open patio, pristine artificial turf, and a shed for additional storage. HVAC System was replaced 20024. Don't miss out on this fantastic opportunity!

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17850 N 68th Street Unit 2097 Phoenix, AZ 85054

$610,000

2 Beds

2 Baths

1,814 SqFt

Status Active

MLS # 6769240

Property Type Apartment

Price Type --

Prime location and luxury living! This stunning home boasts premium interior upgrades with no detail overlooked. Nestled beside Reach 11 hiking trails, 1,000 ft from Lifetime Fitness, and within 2 miles to 3,000,000sf of premier shopping/dining at Desert Ridge, Kierland Commons, Scottsdale Quarter, and Scottsdale/101. The home shines with granite countertops, tile backsplash, upgraded kitchen cabinetry with slide-out drawers, herringbone imported Italian tile, upgraded high end stainless kitchen appliances, Toto toilets, custom $2,000 office wallpaper, primary suite walk-in closet organizers, ADA-compliant bathrooms, laundry room cabinets and more!. Ample natural light through out, with community elevators for single-level living. Private 2-car garage and extra storage included Additional features include RO system, upgraded USB electrical outlets, 2 private balconies, European White Oak office floor.

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14214 N 38th Street Phoenix, AZ 85032

$610,000

4 Beds

2 Baths

1,808 SqFt

Status Active

MLS # 6769316

Property Type Single Family Residence

Price Type --

Fully Remodeled Gem in North Phoenix! This stunning home blends modern luxury with comfort, offering an open-concept layout, sleek finishes, and designer touches throughout. Every detail has been meticulously updated - from the brand-new kitchen with stainless steel appliances to the spa-like bathrooms with custom tile work. Fresh flooring, new windows, and upgraded lighting, this home is move-in ready and perfect for entertaining. Located in a desirable North Phoenix neighborhood, close to top schools, New Paradise Valley Mall minutes away, and outdoor recreation. Don't miss your chance to own this beautifully transformed home!

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330 W Verano Place Gilbert, AZ 85233

$610,000

4 Beds

2 Baths

2,123 SqFt

Status Active

MLS # 6781175

Property Type Single Family Residence

Price Type --

Immaculate and completely renovated gem located in a quiet cul-de-sac in the highly desired lake subdivision of Lago Estancia. This beautiful 4 bedroom, 2 bath home was completely remodeled in 2024. This Pulte built home features an updated kitchen with white shaker cabinetry, stainless steel sink and appliances, granite countertops, interior and exterior paint, luxury vinyl plank flooring, new carpet and baseboards, recessed lighting, new plumbing and light fixtures, new water heater, updated bathrooms with high-end vanities. Located just minutes from downtown Gilbert, fine dining, shopping, freeways and A+ rated schools!

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688 W Ebony Way Chandler, AZ 85248

$610,000

3 Beds

2 Baths

2,157 SqFt

Status Active Under Contract

MLS # 6716664

Property Type Single Family Residence

Price Type --

PRICE REDUCED!!! and sellers giving$5000 towards closing costs as well! LOCATION! LOCATION! **NEW GRANITE COUNTERS in the KITCHEN and BATHROOMS!! *** All the CABINETS have been freshly painted! This beautiful home has 3 bdrms/2 bths with DEN can convert to extra bdrm. A spacious 3-CAR garage. The floor plan features a cozy family room, formal dining area, and formal living room. 5 Blink cameras and an alarm system that coveys with the home. Other recent upgrades-NEW A/C, with all new duct system in 2021, a NEW GAS HOT WATER HEATER 2023, and fresh paint both inside and out, including inside the garage! The backyard is a beautifully landscaped oasis with a stunning pool, perfect for relaxation and entertaining. This move-in-ready home is just waiting for you to make it YOUR own!

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15210 S 44th Place Phoenix, AZ 85044

$610,000

4 Beds

3 Baths

2,315 SqFt

Status Active Under Contract

MLS # 6725779

Property Type Single Family Residence

Price Type --

Must see this gorgeous remodel with new white shaker cabinets, self closing with brushed nickel hardware. Stainless kitchen appliances with Granite counter tops. All downstairs floors done in wood look vinyl planks and upstairs is upgraded neutral carpet. One bedroom and full bath downstairs. Two upstairs bedrooms share a Jack and Jill bath. Huge owner's suite, Bath has step in shower plus tub and large walk in closet. Freshly painted, inside and out. Both AC units new in 2022, Gas water heater new in 2021. Front and back yards have artificial grass in 2024. Fenced play pool and spa. Nice well kept community with no HOA, close to freeways and shopping.

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176 N Honeysuckle Lane Gilbert, AZ 85234

$610,000

4 Beds

2 Baths

2,109 SqFt

Status Active Under Contract

MLS # 6753160

Property Type Single Family Residence

Price Type --

Rare find! Located in beautiful Park Grove Estates. Minutes from downtown Gilbert. This 4 bedroom 2 bath home features a large entry area thats open to formal dining room, open kitchen/family room concept, vaulted ceilings-lots of natural light throughout home. Ready for you to make it your own! Huge corner lot, (over 13,000sqft). Mature trees and an RV gate! Large pool with a built in spa, mature trees... +Newer roof, newer windows and A/C as well as exterior paint+ Lots to see!

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4317 E Western Star Boulevard Phoenix, AZ 85044

$610,000

4 Beds

2 Baths

1,615 SqFt

Status Active Under Contract

MLS # 6757507

Property Type Single Family Residence

Price Type --

This Home Is A True Icon Like No Other Which Is Apparent The Moment You Drive Up The Street. It Is One Of The Most Admired And Sought After And Is Finally For Sale. Be Greeted By The Multi Tier Concrete Steps And Patios, A Fire Pit, Steel Posts And Beams,Smooth Stucco Walls With Wood Facia And A New Metal Roof. The Clear Glass Front Door Completes The Entry And The Mid Century Modern Block Home With Strategic Frank Lloyd Wright Style Gray Block Walls And Accents. Concrete Stained Floors, Birch Cabinets, With Corian Counters. The Two Bathrooms Have Been Proffesionally Designed With High End Commercial Grade Fixtures. Walk In To The Backyard Oasis And Wow! The Covered Patio Open To The Large Yard, Diving Pebble Tek Pool, Detached Block Office heated and cooled With Mini Split.. Backs Wash The Separate Quarters Is Quite Amazing. Gray Block Walls With Birch Interior Facia, Contemporary LED Lighting And Glass Block Windows With Double Door Entry. The Diving Pool Has One Of The Most Unique Custom Steel Fencing And A Metal Welded Shade Sail Frame. Two Unique Gates Lead You To The Open Wash For Hiking, Biking With Entrance To The City Park And Trails To South Mountain For Miles Of Trails. The Yard Also Features A Propane Fire Pit, Raised Planters, Propane BBQ Grill And Metal And Rock Pillars.

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820 N 8th Avenue Unit 22 Phoenix, AZ 85007

$610,000

2 Beds

2.5 Baths

1,476 SqFt

Status Active

MLS # 6772690

Property Type Townhouse

Price Type --

Step into a former model home in a gated community, just blocks from Roosevelt Row District. Urban convenience meets a quieter atmosphere. Walk to downtown Phoenix. • Diverse Dining • Lively Concerts • ASU Downtown Campus • Sports & Concert Stadiums A 10-min drive to Sky Harbor or hop on the light rail for easy city living. The Home:Built in 2017, with upgraded finishes: quartz counters, glass tile, designer lighting, 9-ft ceilings, 2-car garage. Private courtyard with pavers, turf perfect for relaxing. Versatile flex room for office or more.Second floor: open living area, kitchen with pull-out shelving, sliding doors to deck with skyline views. Top floor: two ensuite bedrooms. Primary suite: glass-doored shower, dual sinks, walk-in closet. Guest ensuite shower tub combo Community: Gazebo, grill, ample street parking, top construction. Don't miss this exceptional home!

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7177 W Pontiac Drive Glendale, AZ 85308

$610,000

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6742966

Property Type Single Family Residence

Price Type --

*** OVER $100k in UPGRADES! *** Welcome to your Beautiful Home in the HIGHLY desirable Lake Community of Sierra Verde in Arrowhead Ranch! This MOVE IN READY, NEWLY REMODELED 4-bed, 3-bath Beauty offers a perfect blend of luxury and comfort. Features Include New Wood Tile Flooring, New 6-inch Baseboards, Newly Upgraded Bathrooms with Travertine Tile Floors, Showers w/Granite Counters & Custom Finishes. New Pool Equipment, Pebble Sheen Finish & Removable Pool Fence. Gourmet Kitchen with Granite Counters, Tile Backsplash, Stainless Steel Appliances, and a Convenient Coffee Bar. Freshly Painted in Neutral Tones Inside and Out! Ring Doorbell! Newer Hot Water Heater! The second floor boasts Engineered Wood Flooring & Designer Built Walk-in Closets Large yard with grass area and no homes directly behind for open feel and privacy! The epoxy-coated garage includes built-in cabinets, a workbench, and a new smart garage door opener. Refrigerator, washer, and dryer are included for your convenience. The community offers ample walking and biking paths, parks, and gorgeous lake views, while A+ Sierra Verde School is just a short walk away. Enjoy easy access to Thunderbird Conservation Park, Arrowhead Mall, P-83 shopping, dining, entertainment, and freeways for effortless commuting. With so many upgrades and a prime location, this home is an absolute must-see! Don't miss your chance to make it yours!

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2410 N 40th Street Street Phoenix, AZ 85008

$609,999

3 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6776591

Property Type Single Family Residence

Price Type --

Arcadia-lite living at an affordable price. This 3-bedroom, 2-bathroom home sits on a large lot near the great shops and restaurants of Arcadia. This mostly remodeled home--including a new AC--features quartz countertops, stainless steel appliances, and new flooring throughout most of the common areas. In addition to the main home, there is a fully furnished 196 square foot office/studio with electricity and AC overlooking the pool and back yard. The one-car garage is equipped with a TESLA home charger on a dedicated breaker. Professionally installed turf and pavers are in the front yard and pool area.

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22889 E Marsh Road Queen Creek, AZ 85142

$609,999

3 Beds

2 Baths

2,132 SqFt

Status Active

MLS # 6719211

Property Type Single Family Residence

Price Type --

BUYER COULD NOT PERFORM. ASSUMABLE VA LOAN WITH 2.7% INTEREST RATE - $2063 monthly payment. 3 bedroom PLUS two additional office/dens which could be converted into additional bedrooms - enjoy the space of a FIVE bedroom home for the price of a THREE bedroom. Open-plan kitchen with formal dining area, quartz countertops, gas stovetop and built-in microwave and smart oven. Split floor plan means you'll enjoy privacy in the primary bedroom, which also includes a large walk-in closet and en-suite bathroom. Outside, skip the mess and time to build your own pool, and jump right into your new private pool on closing day! Your new back yard is complete with turf and pavers. The neighborhood of Harvest, Queen Creek was thoughtfully designed to incorporate the agricultural history of the area while still being close to the comforts of town. Just minutes from Queen Creek's best shopping and dining, and across the road from Schnepf Farms (family farm offering seasonal events, a pick your own veggies patch, concerts, farm tours, train rides, petting zoo, peach picking and bakery,) and Queen Creek Olive Mill (olive mill with gourmet market and restaurant.) Just down the street, find the brand-new Pecan Lake Entertainment facility, with rope courses, putting courses, axe throwing, escape rooms, AND a surf pool coming in 2025. Within Harvest, enjoy exceptional amenities - a lake with catch and release fishing, two heated community pools, a splash pad, neighborhood trails, play areas, fire pits and catch and release lake fishing. This is more than just a home; it's a gateway to a vibrant and fulfilling lifestyle - the Harvest community has been meticulously crafted in a shared pursuit of purposeful living.

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