Ask an Expert: A Buyer’s Options When the Appraisal Is Too Low

Tuesday, March 01, 2011 | Source:

Q. What are your options if the appraisal comes in too low when you’re in contract to buy an apartment? I can’t get the mortgage I need and the seller won’t budge on the price. Should I ask for a new appraisal?A. Many banks won’t revisit their appraisal findings, say our experts, but if you’ve got evidence showing that the appraisal is out of touch with reality, you should certainly try asking the bank to review the appraisal and request either an updated appraisal or an entirely new one.

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