@TnTNYC wrote:
ezdriver, wouldn't OP have the opportunity to return to the seller with the appraisal and renegotiate the sale price to fall in line with that? We are in the process of buying our first home and our agent advised the contract should be contingent upon the home appraising at or above our purchase price, otherwise we need to go back to the table. That is, rather than have to come up with an additional $3K, which amounts to a penalty for buying a home not worth the price paid.
Once the appraisal falls short of the purchase price, there are several options that are available to the buyer [eg: cancel contract, renegotiate contract, accept and pay the difference, etc]. I responded only to the specific questions asked by the OP.
