The House You Wanted to Buy Didn't Value Up. Now What?

Buying a house is an exciting and complicated process and a big decision, there are many steps along the way. You’ve likely spent hours searching for the perfect house and finally found it.

The house you wanted to buy didn’t value up, so there are some steps to take before signing the sale & purchase agreement. First and foremost you should seek legal and technical advice first.

One of the conditions you may add to the contract is getting the house appraised by a registered valuer to ensure that the purchase price is fair and that the property is worth what you’re paying. Unfortunately, there are times when the house you have your heart set on doesn’t appraise up to what you are willing to offer.

If the house you want to buy doesn’t value you up to your offered price, don’t give up hope. It can still be your dream home. There are strategies you can employ to help you make the purchase work.

The first step is to find out why the house didn’t appraise. It could be due to any number of reasons, such as the condition of the house, the location, or market conditions. Once you know the reason, you’ll be better able to decide how to proceed.

If the reason was due to something that can be easily fixed, such as the condition of the house, you may be able to negotiate with the seller to make the repairs. This could be a win-win situation for both parties, as the seller may be willing to make the repairs to get the house to appraise for the expected amount.

If the reason is due to something that cannot be changed, such as the location or market conditions, then you may need to look at other options.

One option is you ask the seller to lower the purchase price. If the appraisal reveals that the actual market value of the house is less than the listed price, the seller may be willing to lower the price to meet the appraised value. If the seller is not willing to lower the price, you look at other options.

You can try to negotiate with the lender. If the appraised value of the house is lower than the purchase price, the lender may require you to bring additional funds to closing. If you can’t afford to do that, find other options to make the purchase work.

If you are unable to agree on a sale price that is within the appraised value, you may just love the home so much that you are willing to pay a little above the valuation price or you may want to consider looking for another home.

There may be another great property out there that will meet your needs and appraisal requirements. No matter which option you choose, it’s important to remember to be realistic about the situation and to keep your emotions in check. Buying a house is a big decision, and it’s important to make sure you make the best one for you.

With the right approach and a good understanding of the process, you can still find the house of your dreams.

Be sure to speak to your real estate agent and lender to discuss all of your options.

The House You Wanted to Buy Didn’t Value Up