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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37200 N Cave Creek Road Unit 1126 Scottsdale, AZ 85262

$2,450,000

3 Beds

3.5 Baths

2,453 SqFt

Status Active

MLS # 6775900

Property Type Townhouse

Price Type --

Discover this beautifully updated designer townhome in the Retreat at Desert Mountain with an inviting courtyard entrance and enticing spa. This home features a harmonious palette of soft greens, warm browns, and striking blacks. The chef's kitchen is a dream with Wolf and Subzero appliances. Nestled along the 6th fairway of the par 54, Seven Golf Course, at Desert Mountain. This first-floor unit offers a fantastic covered patio that provides breathtaking views of the golf course, surrounding mountains, and stunning sunsets. With an immediate Golf Membership available, for transfer through escrow, you can easily immerse yourself in the Desert Mountain lifestyle after a simple 30-day approval process. This is a rare chance to own a slice of paradise in a serene and luxurious setting.

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4301 E Taurus Place Chandler, AZ 85249

$2,450,000

5 Beds

6 Baths

5,994 SqFt

Status Active

MLS # 6782437

Property Type Single Family Residence

Price Type --

Exceptionally Detailed custom home in Vasaro Citrus Preserve of South Chandler. 5 bedrooms 6 bathrooms. Gated Court yard with beautiful Iron/glass custom front door. This spectacular home displays amazing craftsmanship that is second to none. Beautiful stone accents on the ceilings throughout the home. The flooring is tumbled travertine and Imported Italian porcelain tile that looks like real wood planks. Formal living room has a Cantera fireplace. Gourmet kitchen has alder cabinets and granite countertops. Dual islands and GE Monogram appliances with a six-burner gas range. Open great room with a huge Cantera arch and pillars. Built in cabinets and an 80-inch TV. Go to the movies at home, in a custom designed Home Theater screening room. Primary suite with built in entertainment system. Primary closets with custom cabinets and a washer/dryer. Walk thru shower. Backyard is an entertainer's delight custom BBQ center large, covered patio, and enjoy a dip in the pool or spa. In the evenings you can enjoy a cozy warm fire and swap stories with your friends. Large over-height 4 Car Garage with epoxy flooring, all new AC units in 2017, Wow what more can you ask for! Come on by and see your new home, it's waiting just for you!

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9290 E Thompson Peak Parkway Unit 257 Scottsdale, AZ 85255

$2,450,000

4 Beds

4 Baths

3,742 SqFt

Status Active Under Contract

MLS # 6770797

Property Type Single Family Residence

Price Type --

Nestled in the prestigious guard-gated community of DC Ranch, this stunning home is perfectly situated on a serene golf course lot at the end of a cul-de-sac. This home boasts a desirable split floor plan featuring 4 bedrooms (one versatile as a den/office) and 4 bathrooms. A gourmet kitchen, and open living spaces make this home ideal for entertaining. Step into the tranquil backyard, complete with a heated spool and built-in BBQ, offering the perfect setting for relaxation and outdoor dining.

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7462 S Mccormick Way Queen Creek, AZ 85142

$2,450,000

5 Beds

4.5 Baths

5,158 SqFt

Status Active

MLS # 6758272

Property Type Single Family Residence

Price Type --

Experience luxury living in this stylishly upgraded 5 bedroom/4.5 bath home set on a spacious ¾-acre lot within the highly coveted community of San Tan Lakeside Estates community. Prepare to be impressed by the home's sophisticated design elements, customized wallpaper, exquisite light features & ceiling beams, all complemented by SMART TECHNOLOGY throughout. The chef's kitchen combines elegance with practicality inclusive of an oversized granite island, high-end appliances, 6-burner gas stove w/ pot filler. Enjoy the convenience of both formal and casual dining areas, providing flexibility for various occasions and moods. The primary master retreat offers an inviting foyer entrance, a private exit to the backyard, an oversized walk-in shower, a stand-alone tub, dual sinks, bonus room & an expansive walk-in closet. The floorplan is thoughtfully designed to showcase the outdoor living spaces, three ensuites and is situated on a generous ¾ acre lot. The original owners have transformed the backyard into an entertainer's paradise, featuring a sparkling lap pool/spa/built-in table/bench perfect for relaxing evenings and lively weekends. Enhance your leisure time with a five-hole putting green for practicing your short game or enjoying friendly competitions. The entertaining backyard is adorned with breathtaking mountain views, lemon and lime trees, and mature landscaping. Whether you're unwinding at the outdoor BBQ/bar area, sitting by the built-in fire pit, or soaking in the hot tub, there's something magical about admiring the majestic mountains from the comfort of your own home. Be sure to check out the document section for additional details on home. This property is truly a must-see!

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414 Peace Garden Path Clarkdale, AZ 86324

$2,450,000

5 Beds

5 Baths

3,787 SqFt

Status Active

MLS # 6737569

Property Type Single Family Residence

Price Type --

Welcome to your serene and modern retreat with five well-appointed apartment suites nestled in the heart of Clarkdale and within walking distance of the charming shops and restaurants of Old Town Cottonwood. This exquisite five-acre property offers breathtaking views of the Verde River and the stunning red rocks of Sycamore Canyon, providing a picturesque backdrop for an unparalleled living experience. Step outside onto the expansive portico and immerse yourself in the beauty of nature, while enjoying outdoor living at its finest. Host unforgettable evenings under the starlit sky with friends and family, or take a leisurely walk down the trail to the river.

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2536 E Wood Place Chandler, AZ 85249

$2,450,000

5 Beds

4.5 Baths

5,045 SqFt

Status Active

MLS # 6746925

Property Type Single Family Residence

Price Type --

This newly updated home is a rare find within the prestigious neighborhood of Circle G. Offering 5 bedrooms and 4.5 baths, there is room for everyone to enjoy their privacy and still spend time together in the large game room or office/den. The kitchen has new stainless appliances, quartz countertops and beautiful, modern fixtures. It opens to the family room w/ fireplace and overlooks the backyard. The spacious master suite has his/her closets, walk in shower and double vanities. If you enjoy outdoor living, you will love the covered patio, built in BBQ, large grass area, sparkling pebble tec pool, pergola seating area, above ground spa and a RV gate with concrete slab. Add a large circular driveway, 3 car garage w/ epoxy flooring and built in storage cabinets to make this home a 10+

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363 E Monte Vista Road Phoenix, AZ 85004

$2,450,000

4 Beds

4 Baths

3,410 SqFt

Status Active

MLS # 6765895

Property Type Single Family Residence

Price Type --

One of the most beautiful Historic properties in Phoenix! Built in 1927 in the Los Olivos Community, a Historic Neighborhood adjacent to the Arts District developed by Dwight B Heard, this iconic Storybook Tudor is always showcased when researching historic homes in Phoenix. With its dramatic Tudor architecture and expansive 3/4 acre property, the curb appeal alone takes you back in time! The current owner has meticulously retained all the historical charm and elegance while updating and improving the property. Elegant community rooms with soaring wood beamed ceilings, artfully crafted solid Mahogany doors and paneling, paned windows, Italian cornices and draperies, Steuben and other antique chandeliers. From the foyer is the dramatic staircase with its original Terrazzo floors. Beautiful Chef's kitchen with island, Subzero and Miele appliances. Laundry Room with antique cast iron sink. 3 bedrooms upstairs including the large Primary Bedroom with William Morris draperies. Primary Bath with original and preserved Green Ceramic Tile. Charming Guest Bath with Dormered Ceilings. Detached Coach House (Garage) with Guest House offering a full bath, loft bedroom, and kitchenette. Backyard Oasis with long rectangular pool, flanked by Italian Cypresses and featuring an imported English water feature. Beautiful Gazebo with commercial grade mist system for year round enjoyment. Large AC cooled Chicken Coop and orchard sporting over 15 fruit trees conveys unrivaled rural living in the center of the city. Make this iconic historical home located in the heart of the city yours to showcase!

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12230 N 78th Place Scottsdale, AZ 85260

$2,450,000

4 Beds

4.5 Baths

3,397 SqFt

Status Active Under Contract

MLS # 6756507

Property Type Single Family Residence

Price Type --

Calling all CAR ENTHUSIASTS, this home is a true ''CAR COLLECTOR'S DREAM'' with a detached 2400 square-foot RV garage with 14 foot doors to accommodate a motorhome and additional cars. The garage even has a loft and its own bathroom for added convenience. This luxurious 4-bedroom, 4.5-bathroom ranch-style home in Scottsdale, offering 3,397 sq. ft. of beautifully designed living space. With a freshly painted exterior and a timeless ranch-style architecture, this property offers both elegance and functionality. Step outside to the enormous yard, where you'll find a sparkling pool, perfect for Arizona summers. The backyard offers plenty of space for gatherings and outdoor fun. Located in a desirable Scottsdale community, this home offers the perfect blend of luxury living and convenience. PRE-INSPECTION W/ MOST REPAIRS ALREADY COMPLETED. Don't miss your opportunity to own this one-of-a-kind property!

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6130 E Via Estrella Avenue Paradise Valley, AZ 85253

Open House

$2,450,000

4 Beds

3 Baths

3,312 SqFt

Status Active

MLS # 6784042

Property Type Single Family Residence

Price Type --

Welcome to an exquisite ranch-style estate in the coveted Paradise Valley, where elegance and comfort meet. This stunning 3,312 sq ft residence offers a spacious layout featuring 4 bedrooms, 2.5 baths, a dedicated office, and a versatile game room. The gourmet kitchen is a chef's haven, fully equipped with top-tier stainless steel appliances, including a 6-burner Wolf stove, double ovens, a Sub-Zero refrigerator, a 30+ bottle wine cooler, and a separate ice maker. Granite countertops, custom cabinetry, and an expansive island make it ideal for both cooking and entertaining. A charming breakfast nook overlooks the pool, adding a serene touch to your mornings. The inviting living room, complete with a grand fireplace, custom built-ins, and vaulted ceilings, opens to the patio and backyard, seamlessly blending indoor and outdoor spaces. The luxurious primary suite is a true retreat, boasting a spa-like soaking tub, a spacious walk-in closet, and a private patio. Every bedroom offers generous living and closet space, while large windows with classic wooden shutters add timeless elegance to this Spanish-inspired estate. The backyard is an outdoor sanctuary with a pristine diving pool, a putting green, and a sun-drenched terrace perfect for gatherings. Nestled within the prestigious Scottsdale Unified School District, this home offers tranquility and accessibility. A grand circular driveway, a 2-car garage, and a fully fenced backyard with double gates provide ample space for a guest house, sports court, or RV parking. Don't miss this incredible opportunity to own a piece of Paradise Valley with substantial equity potential. Experience luxury living at its finest!

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15229 E Whisper Draw -- Fountain Hills, AZ 85268

$2,449,999

5 Beds

7 Baths

5,360 SqFt

Status Active

MLS # 6772173

Property Type Single Family Residence

Price Type --

A rare opportunity to live in the guard gated community of Eagle Mountain! Breathtaking views overlooking miles of protected desert and sparkling city lights. This premium half acre lot sits at the end of a cul-de-sac, featuring 5 bedrooms, 7 bathrooms, a wrap around patio with built in BBQ and personal putting green below. The gourmet chefs kitchen features premium appliances and custom alder cabinets. The backyard offers complete peace and privacy. It is perfectly designed for entertaining with pool, spa, waterfall feature and multiple covered dining areas. Located just minutes from Scottsdales best golf, dining and shopping. Adjacent to Firerock Country Club and two miles from top ranked BASIS School and Mayo Clinic. Some improvements include, new roof 2020, new AC 2022, new epoxy, pool heater 2023, pool filter pump, new sliders in living room and basement, expanded putting green to name a few!

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7878 E Gainey Ranch Road Unit 25 Scottsdale, AZ 85258

$2,445,000

4 Beds

4.5 Baths

4,488 SqFt

Status Active

MLS # 6784641

Property Type Single Family Residence

Price Type --

Experience the Gainey Ranch lifestyle in this 4-bedroom, 4.5-bath home nestled along the picturesque Arroyo Golf Course. From the upgraded paver stone driveway to the custom garage door, every detail exudes elegance. The main floor bedroom/den boasts a carved stone fireplace, a remodeled en-suite bath, and a walk-in closet. Entertain effortlessly in the spacious great room with a wet bar, formal dining, or in the family room with built-in entertainment center. The chef's kitchen has stainless steel appliances and custom cabinetry, complemented by a versatile oversized laundry room/office. Retreat upstairs to the luxurious master suite with a built-in fireplace and upgraded bath, plus two additional en-suite bedrooms. Your private backyard oasis includes pool, spa, and lush landscaping. Enjoy resort-style living with access to sparkling pools, spas, walking trails, & an array of gourmet dining / shopping just steps away. Plus, the world-class Hyatt Regency is right around the corner for the ultimate five-star experience. Don't miss out on this extraordinary opportunity to live in one of Scottsdale's most coveted communities!

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10931 E Whitethorn Drive Scottsdale, AZ 85262

$2,425,000

3 Beds

3.5 Baths

2,825 SqFt

Status Active

MLS # 6655790

Property Type Single Family Residence

Price Type --

Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C has a 2 car garage and available only on lot 9. Price shown includes lot premium and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale, Serene is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss.. your opportunity to take part in the Serene lifestyle.

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