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

20630 W Grandview Drive Buckeye, AZ 85396

$590,000

4 Beds

3 Baths

2,600 SqFt

Status Active

MLS # 6741192

Property Type Single Family Residence

Price Type --

***$10,000.00 seller concessions for upgrades, carpet, etc***This stunning corner lot home is located directly across the street from a beautiful children's park and features a spacious open concept living area with a sizeable kitchen-perfect for entertaining. The primary bedroom includes a walk-in closet and en-suite bathroom with dual sinks, a soaking tub, and separate shower. The backyard is an empty slate that can be customized to your liking and the large front porch is ideal for relaxing and enjoying the neighborhood, complete with a porch swing for added charm. The two car garage offers plenty of storage space for all of your toys. Enjoy the small town feel of Verrado with its tree-lined streets, community events and friendly neighbors.

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504 N 297th Lane Buckeye, AZ 85396

$590,000

4 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6746288

Property Type Single Family Residence

Price Type --

New Build Dream Home! Completion date early December 2024. Large 4-bedroom, 2-bathroom, 2-car garage on a 1-acre corner lot. Open Floor plan with large great room and eat in kitchen. Custom shaker cabinets with soft close drawer and doors. Spacious master suite with double sinks, quartz counter tops, walk in closet, private entrance to the covered patio.

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2640 S Southwind Drive Gilbert, AZ 85295

$590,000

4 Beds

2.5 Baths

2,260 SqFt

Status Active

MLS # 6747537

Property Type Single Family Residence

Price Type --

***MOTIVATED SELLER!!!*** A beautifully maintained gem in the heart of Gilbert, AZ. This charming 4-bedroom, 2.5 bath home offers a perfect blend of comfort and style, nestled in a serene and family-friendly neighborhood. Freshly painted inside and out, the home is just waiting for you to move in! Check out the HUGE master bathroom with an oversized shower boasting 2 showerheads. Multiple living spaces and 4 bedrooms will give your family plenty of space to spread out! And don't forget the pool! With a fountain to keep it cool on these hot summer days! Added bonus... No neighbors behind you and only one directly next to you. Additional highlights of this home include a convenient 2-car garage, a dedicated laundry room, and easy access to nearby parks, shopping, and top-rated schools.

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15428 S 24th Street Phoenix, AZ 85048

$590,000

3 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6757496

Property Type Single Family Residence

Price Type --

Beautifully REMODELED home on HUGE corner lot in Ahwatukee. Gorgeous backyard with mountain views. 3 bedrooms, 2 baths plus Den/4th bedroom. Located in the popular Mountain Park Ranch community. This home boasts all new cabinets and granite countertops throughout, new flooring, new window screens, and professionally landscaped backyard with gazebo. Home comes with a ''NEW FULL ROOF'' that is only 4 years old and ''NEW Carrier A/C'' unit installed just 2 years ago! Also included are ALL APPLIANCES including both refrigerators. Inside garage are custom built in cabinets for plenty of storage and a separate side entrance.

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1314 E Bluefield Avenue Phoenix, AZ 85022

$590,000

4 Beds

2.5 Baths

2,014 SqFt

Status Active

MLS # 6764348

Property Type Single Family Residence

Price Type --

Move in before the Holidays! Looking for a 4 bedroom home with a pool in North Phoenix? Welcome home to this very private home on a corner lot with mountain views. The inviting curb appeal brings you into the living room where you can entertain year round. Watch the kids play in the family room while cooking up a meal in your remodeled kitchen which has an island for bar seating and stainless steel appliances. Upstairs is a spacious master suite and 3 good sized bedrooms. Outside--YES. Enjoy a drink on the covered patio. Watch your favorite pooch run around in the grass....AND enjoy a dip in the relaxing pool all while getting a view of the mountain that is next door 🙂 All this in North Phoenix in an ideal location on a private street.

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25025 S Desert Trail Court Sun Lakes, AZ 85248

$590,000

2 Beds

3 Baths

2,028 SqFt

Status Active

MLS # 6777486

Property Type Single Family Residence

Price Type --

Seize the opportunity to own this coveted corner lot property nestled on a tranquil cul-de-sac! Great curb appeal with a well-maintained front yard, a 3-car garage, and an inviting courtyard. Discover sizable living areas featuring vaulted ceilings, a designer's palette, plantation shutters, tile/wood-style flooring, and a cozy fireplace. The kitchen is equipped with ample counter space, lovely wood cabinetry with crown molding, recessed lighting, stainless steel appliances, and a center island. The primary bedroom boasts a double-door entry, a private bathroom, and a walk-in closet for added comfort. Enjoy afternoon relaxation under the covered patio in the tranquil backyard! Excellent location! Close to golf courses, schools, shopping spots, etc. What's not to like? This gem is the one!

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819 N Alison Way Chandler, AZ 85226

$590,000

4 Beds

3 Baths

2,328 SqFt

Status Active Under Contract

MLS # 6731749

Property Type Apartment

Price Type --

Say Hello to relaxation and convenience awaits in this updated turn-key East coast vibe townhome. Moments from shopping and dining and less than a mile from I-10, this contemporary, 3-bedroom, 3-bath home with no pool or yard to maintain, offers hassle-free living. Entertainment options abound in the kitchen & great room, where floor-to-ceiling glass doors opening onto the balcony offer breathtaking sunset views. Adjoining the living area are two guest bedrooms and a hall bath. The third-floor primary suite boasts a spacious private balcony & resort-style bathroom with a luxurious spa-like shower. A ground-floor bonus room with walk-out patio features a ping pong table and patio seating, ideal for game night or entertaining. Fully updated and most furniture available on separate B.O.S

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10114 W Cashman Drive Peoria, AZ 85383

$590,000

4 Beds

3.5 Baths

2,682 SqFt

Status Active Under Contract

MLS # 6687084

Property Type Single Family Residence

Price Type --

10114 W Cashman Dr, Peoria, AZ 85383 - REDUCED!! Pride of ownership in The Meadows, do not miss this beautiful home built in 2019 with all of the upgrades, 4 bedrooms all upstairs (1 is guest suite with private bath), Granite countertops, Gourmet stainless steel appliances with gas cooktop, large island and nice size pantry, tile backsplash, extensive wood plank tile flooring, custom window coverings, extended master shower with rain showerhead, oversized garage, water softener, Alarm system, low maintenance backyard, kids playset, nice corner lot, Community pool & hot tub, Pickle Ball Court, clubhouse, volleyball & basketball courts and other features. Easy access to Loop 303, less than 20 minutes to new Taiwan Semiconductor Manufacturing Plant.

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18624 W Lawrence Lane Waddell, AZ 85355

$590,000

5 Beds

3 Baths

2,722 SqFt

Status Active Under Contract

MLS # 6709554

Property Type Single Family Residence

Price Type --

Better than new! Start enjoying your own private resort the day you take possession rather than waiting to find landscapers and pool companies, then suffer months through the noise, dust, and dirt of a new build... Just step right out into your own private oasis with pool, waterfall, fire pit, and a spacious, covered travertine patio. Facing north, there's no intense Arizona sunlight directly shining on you during the day, making for very pleasant occasions for coffee in the morning, or dinner with family or friends in the evening. The home is loaded with luxury-level finishes, giving you the sense of ease and sophistication, with 5 generous sized Bedrooms/3 Full Baths. Also $10K Seller Concessions available towards Buyer's Closing Costs, Rate Buy-Down with Full Price Offer.

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19606 W Grant Street Buckeye, AZ 85326

Open House

New

$590,000

3 Beds

2.5 Baths

2,259 SqFt

Status Active

MLS # 6786961

Property Type Single Family Residence

Price Type --

Beautifully upgraded 3 bed/2.5 bath home in the very desirable Blue Horizon subdivision. This home has a very spacious great room with a formal dining room and an eat-in kitchen. Upgrades include: beautiful wood plank ceramic tile, stainless appliances, quartz countertops, designer lighting, herringbone tile backsplash, oven/microwave wall combo, 42'' cherry cabinets, LED under cabinet lighting, recessed lighting throughout, ceiling fans throughout, vinyl plank in bedrooms, barn door, & soft water loop. Front entrance includes a paved courtyard with a rod iron gate and driveway is upgraded with pavers. Backyard features a covered patio, automatic sprinkler system, private pool with water feature. This home is also BnB ready with a separate entrance or can be used as a single family home.

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9410 W Meadowbrook Avenue Phoenix, AZ 85037

$589,999

4 Beds

4 Baths

2,585 SqFt

Status Active

MLS # 6729781

Property Type Single Family Residence

Price Type --

**Don't miss out on this beautiful single-level home with a certified Energy Star rating of 5!** This newer property boasts delightful curb appeal with an easy-care landscape and a tandem 3-car garage, situated in a gated community. **Step inside to find:** - An inviting hallway leading to a perfectly flowing great room with high ceilings, recessed lighting, and sliding glass doors that open to the backyard. - Gorgeous wood-look porcelain flooring and a neutral palette throughout, creating a warm and modern atmosphere. **Chef's Kitchen:** - Handsome wood cabinets with crown molding - Stainless steel appliances - Pantry and Quartz counters - Stylish tile backsplash - Large island with a breakfast bar, perfect for casual dining and entertaining **Main Retreat:** - Sun-filled room with an immaculate ensuite featuring two vanities, his and hers walk-in closets, a private toilet room, and engineered flooring. **Additional Features:** - Second ensuite with a walk-in closet and private living area, ideal for guest privacy. - Each bedroom has its own dedicated bathroom, ensuring comfort and convenience for all. **Outdoor Living:** - Relax in the vast backyard with a covered patio, pavers, and low-maintenance turf, perfect for outdoor gatherings and relaxation. **Prime Location:** - Minutes away from Westgate, Glendale Stadium, and the soon-to-be-built water parks and hotels, making it an ideal property for Airbnb. **This home is the perfect blend of luxury and convenience. Own the home meant for you!** Come view today!

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17668 W Blue Sky Drive Surprise, AZ 85387

$589,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6742948

Property Type Single Family Residence

Price Type --

Explore this impressive Darius home, ready for quick move-in. Included features: an inviting covered entry; a spacious great room; a quiet study; an open dining area; a gourmet kitchen offering a double oven, quartz countertops, 42'' cabinets, a center island and a pantry; a lavish primary suite showcasing a generous walk-in closet and a private bath with double sinks and cultured marble countertops; a convenient laundry; a large living room; a covered patio and a 3-car garage. This home also offers additional windows, ceiling fan prewiring and stone tile flooring in select rooms as well as airy 10' ceilings throughout.

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