What happens if the appraisal is lower than your offer? Here’s what N.J. real estate agents say.
Updated 11:15 AM;
Today 11:00 AM
What do you do when the appraisal comes in lower than the offer?Patti Sapone | NJ Advance Media
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Home buyers in today’s seller’s market are battling through low inventory and stiff competition by taking on huge risks including an appraisal contingency waiver.
Mortgage lenders send an objective party, known as an appraiser, to look at the home and give it a value. And with the average price of a home in New Jersey rising $100,000 since last year, the appraised value is often coming in lower than the offer price.