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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149 N Charlotte Street Queen Valley, AZ 85118

$574,990

3 Beds

2.5 Baths

2,600 SqFt

Status Active Under Contract

MLS # 6742416

Property Type Single Family Residence

Price Type --

Wow, PRICED UNDER APPRAISAL VALUE! ~Owners need to move! ~SPECTACULAR CUSTOM HOME offers STUNNING 360 SUPERSTITION MOUNTAIN VIEWS from your balcony & front porch! ESCAPE HARSH WINTERS in your One-Of-A-Kind PICTURESQUE VACATION HOME or FOREVER HOME! Nostalgic MAYBERRY-ESQUE Town, a rural sanctuary quiet reprieve! ~THE GOOD LIFE U DESERVE AWAITS! ~GOLF ~2 Restaurant/Cantinas ~TOWN SQUARE SOCIAL EVENTS! ~LAKESIDE Picnics ~WARM GLOW of HARDWOOD SOARING CATHEDRAL CEILINGS w/STAINED GLASS accents create UNIQUE AMBIANCE of a SKI CHALET in the DESERT! ~$220k in REMODEL/UPGRADES ~2 sep OWNER'S ENSUITE BEDROOMS ~Replumbed Home ~REBUILT BATHROOMS ~NEW FLOORS ~NEW APPLIANCES ~INTERIOR PAINT is Eco-friendly, all-natural, Real Milk Paint w/no off-gassing *GOLF+POOL/SPA MEMBERSHIPS avail at nominal fee. ...Owners cleaned all ducts with a special custom cleaning company, Arcadia Cleaners. The whole house, including the air quality, is set up perfectly for anyone with environmental allergies or for children who need a clean environment for their growing development. ***Optional***JOIN VOLUNTARY Homeowners Recreation Center Assn at ONLY $20 annually to participate in RECREATION CENTER SOCIAL EVENTS! This voluntary participation ONLY affords social events & DOES NOT extend any control by any HOA over your property; it's purely for entertainment purposes.

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2425 N 142nd Avenue Goodyear, AZ 85395

$574,940

4 Beds

3 Baths

3,065 SqFt

Status Active

MLS # 6768236

Property Type Single Family Residence

Price Type --

Prime golf course lot! Located in a desirable Palm Valley gated community this home has everything you're looking for! 4 bedrooms, loft, 3 bathrooms, multiple patios & more than 3,000 sq ft of livable space. 2 brand new a/c units, newer appliances & water heater. Throughout you will notice the plank tile in the main living areas, 10' tall ceilings , 8' tall doors & large windows providing an abundance of natural light. Large kitchen with lots of counter space, 42'' upper cabinets, under cabinet lighting, pantry, travertine backslash & granite countertops. Primary suite is located downstairs & has great golf course views, double sinks, separate shower/tub & walk-in closet. Upstairs there are 2 large bedrooms, 2 balcony's with amazing sunset views & a large loft. Community Center, pool, tennis courts and children's playground. Located near shopping, schools, entertainment & the I10 freeway!

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Show Low AZ 85901

$574,900

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6731512

Property Type Single Family Residence

Price Type --

Your search is over for the Perfect Getaway Cabin in the Pines! Formal Model so has beautiful finishes throughout. This beauty conveys furnished so you can immediately come relax & enjoy the White Mountains. Nestled in the Tall Pines on apx .53 of an acre on a corner lot, landscaped & fenced. WOW! Call for more details...

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17033 E Bobwhite Way Rio Verde, AZ 85263

$574,900

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6774586

Property Type Single Family Residence

Price Type --

Now complete, move-in ready, Just off 172nd (paved road). Minutes from trails, w/great hiking and Biking. Enjoy horseback riding with easy access to trails. The beautifully designed Durango Plan offers 10 ft high ceilings and polyurethane spray foam insulation for exterior house walls and attic. Open floor plan, great for entertaining. The kitchen features SS Appliances, White shaker-style cabinets with Soft Close Drawers and Doors, a nice-sized pantry, and a large Island for extra seating. Electric built-in cooktop with separate oven. Jack-N-Jill bedrooms with full bathroom. Tile-plank flooring throughout the home. The primary bedroom boasts a private exit to the back patio, a large closet, dual vanities, and a large easy access enclosed tiled shower. 3 car attached garage.

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23012 N Giovota Drive Sun City West, AZ 85375

$574,900

3 Beds

2 Baths

1,904 SqFt

Status Active

MLS # 6769607

Property Type Single Family Residence

Price Type --

Discover the epitome of retirement luxury in this exceptional 1,904 sq ft home, perfectly positioned on a larger lot with no direct rear neighbors, offering maximum privacy and serenity. Embrace the elegance of a lushly landscaped front yard featuring a private courtyard complete with a cozy fireplace, setting the scene for unforgettable gatherings. Step inside and be greeted by the impressive rotunda foyer leading to an open-concept living space. Seamlessly connecting the living, dining, and kitchen areas, this layout is ideal for entertaining and everyday living. The kitchen boasts granite countertops, raised panel cabinets with both under and upper lighting, and a breakfast bar island for your culinary explorations. The primary suite is a sanctuary of comfort, offering ample room for a sitting area or office workspace, a walk-in closet, dual sinks, a vanity counter with granite tops, and a beautifully remodeled master walk-in custom shower. Across the home, find two additional spacious bedrooms with easy access to a second bathroom featuring a walk-in shower. This residence is further enhanced by plantation shutters, 18 southwestern tiled flooring, newer tile plank flooring in bedrooms, upgraded lighting fixtures, a newer hot water heater, and a water softener system. The rear yard is a private retreat with a raised conversation firepit area, built-in BBQ, extended patios, and rear awning  all designed for your relaxation and enjoyment. Experience active adult living at its finest in one of Corte Bella's most exquisite homes. Don't miss out on this unique opportunity to own a piece of paradise!

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520 S Roosevelt Street Unit 1009 Tempe, AZ 85281

$574,900

2 Beds

2.5 Baths

1,483 SqFt

Status Active

MLS # 6743200

Property Type Apartment

Price Type --

Tempe Urban Living, now ''Skye 15 Lofts'', nestled within the Riverside-Sunset Neighborhood just west of Mill Avenue in Downtown Tempe, is truly an architectural gem. Designed by the Baldinger Studio, this large 2 bed, 2.5 bath loft shares a common modern DNA: open floor plans, exposed block construction, Rooftop Terraces, urban Backyard w/synthetic grass, and European style cabinetry. But most importantly, they share modern minimalist architecture that is unique not only to Downtown Tempe, but to the entire Valley of the Sun. This dwelling is walking distance to the Metro light rail, Tempe Town Lake, Mill Ave Streetcar, Whole Foods Marketplace, Mill Avenue with tons of shops and restaurants, ASU and everything else downtown Tempe has to offer!

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3426 W Carter Road Phoenix, AZ 85041

$574,900

3 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6773448

Property Type Single Family Residence

Price Type --

This stunning home has it all! 4 y/o Woodside home with endless upgrades in gated community. Kitchen is perfect for preparing & sharing meals and memories, Gas stove with stainless range hood, wall oven and microwave, upgraded refrigerator, step in pantry, extended island and beautiful backsplash. Home has large den/office; upgraded shutters throughout the home. The backyard is a beach lover's dream with a gorgeous pool that has a fountain and a large Baja step. The backyard also has a custom Palapa and a putting green. Extended patio with ceiling fan and turf for easy maintenance. Surround sound is installed in the home. House was set back further than others to allow for a longer driveway for room to park an extended vehicle. Home neighbors beautifully landscaped greenbelt.

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3448 W Sunshine Butte Drive San Tan Valley, AZ 85144

$574,900

4 Beds

3 Baths

3,291 SqFt

Status Active

MLS # 6777185

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 3-bath home, nestled near the beautiful San Tan Mountains in a wonderful neighborhood. This 3,290 square foot home features large vaulted ceilings and newer flooring throughout. The updated kitchen is perfect for any home chef, and the pebble tech pool offers a refreshing retreat. With solar panels and a Tesla charger connection in the 3-car garage, this home is both eco-friendly and convenient. Enjoy the spacious layout and all the modern amenities this home has to offer. The community also boasts a park, schools, walking paths, and plenty of shopping and restaurant amenities nearby.

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4307 E Jesse Street Gilbert, AZ 85295

$574,900

3 Beds

2 Baths

1,693 SqFt

Status Active

MLS # 6784518

Property Type Single Family Residence

Price Type --

To be built: This beautiful Blue Streak plan, 1693 sf single story home with 2 car garage side entry garage is beautifully laid out with 3 bedrooms and 2 baths off a spacious great room with open kitchen. The master bedroom features a roomy walk in closet and a beautiful appointed master bath highlighted by a separate bath and shower. Come visit Cooley Station by Fulton Homes, you won't be disappointed!

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1309 E Ellis Drive Tempe, AZ 85282

$574,900

3 Beds

2 Baths

1,852 SqFt

Status Active Under Contract

MLS # 6767556

Property Type Single Family Residence

Price Type --

No HOA!!! This beautiful 3-bed, 2-bath home w/ pool in a highly desirable area of Tempe offers all the convenience with easy access to the 101 & 60 freeways, Sky Harbor, ASU and all the dining and shopping you need! It gets even better with a complete remodel in 2018 including new wood-look tile flooring, new AC, new roof, new paint, new windows and new cabinets and countertops. This home is move-in ready with a washer/dryer and refrigerator as well as a neutral palette to suit any style. When you want to entertain, step outside to the expansive backyard where you will find an oasis ideal for entertaining, cooling off in the pool or simply enjoying the Arizona sunshine. The covered patio offers shade for those warm afternoons, while the low maintenance yard allows for more leisure time and less upkeep. Don't miss out on this incredible opportunity to own a piece of Tempe real estate! Come take a tour today and fall in love with everything this home has to offer. **Please note that the large cactus in the front yard was removed on 11/16/24.

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12414 N 33rd Street Phoenix, AZ 85032

New

$574,900

3 Beds

2 Baths

1,508 SqFt

Status Active

MLS # 6787192

Property Type Single Family Residence

Price Type --

Beautiful 3 bed 2 bath home on a spacious lot with no HOA in Paradise Valley West! Enjoy east-west exposure and a remodeled interior featuring a formal living room, a family room, and wood laminate flooring. The updated kitchen boasts an Alexa-enabled Smart Faucet, island breakfast bar, quartz countertops, stainless steel appliances, and white shaker cabinets. The primary bedroom offers French doors to the backyard and a stylish en suite bathroom with touch-screen mirrors. Bonus: A separate guest house (single-wide) offers Airbnb potential or extra living space. The enclosed carport serves as a 2-car garage, complete with 220 EV charging, and the property includes two RV gates, a dog wash tub in the laundry room, and owned solar that conveys at no cost. cost, adding energy efficiency. Located near freeways, shopping, dining, schools, parks, and hiking trails, this home offers unbeatable convenience. Schedule your showing today!

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2166 S 217th Lane Buckeye, AZ 85326

$574,900

4 Beds

2.5 Baths

3,523 SqFt

Status Active

MLS # 6729300

Property Type Single Family Residence

Price Type --

This spectacular two-story home is perfect for a large family with plenty of room to spread out! Enjoy New Paint outside, new carpet, a water softener, and OWNED solar panels for energy efficiency. Downstairs offers eat in kitchen to entertain your guests with ease. Upstairs boasts four spacious bedrooms with ample closet space. The master bedroom has French doors, walk-in closet and garden tub plus separate shower. Step outside to find your own private oasis complete with brand new sparkling pool, landscaping and views of the desert green belt! Plus there's an extended driveway, three car garage, RV gate and plenty of slab parking. This home is located conveniently close to shopping, restaurants, easy freeway access, hiking & more!

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