What happens if your home appraises BELOW contract price?

What happens if your home appraises BELOW contract price?
For example, you list your home for $350,000, accept an offer (also at $350,000), and all the sudden the appraisal value comes back at $325,000. Yikes!
There's a few ways to move forward here depending on your situation.
First, figure out whether your contract is contingent on appraisal price (if you're working with a real estate agent you will have already discussed this). If it is contingent, there are a couple of solutions for you (the seller) and the buyer to consider:
1. All parties involved could walk away, voiding the contract.
2. Both buyer and seller could agree to a new price, say $335,000.
3. The seller doesn't budge on the price, and the buyer brings the full difference to the closing table
4. Order an entirely new appraisal. This is risky and isn't guaranteed to go your way! But it's an option if all parties agree.
Ultimately, having a strong agent on your side prepared to negotiate on your behalf in sticky situations like these is critical. Reach out to me, and I'll help you do it.
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Dan Hamilton
Hamilton & CO. Keller Williams Greenville Upstate
Greenville, SC
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