Jeff’s Carlsbad Blog for First Time Home Buyers


What Happens if the House I am Buying Does Not Appraise?

Posted in Due Diligence,Financial,Mortgage info by Jeff Dowler on August 10, 2007

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Unless you are a cash buyer, you will be taking out a loan and the bank will require an appraisal to make sure the home is worth what you are paying for it (or that they aren’t loaning you more money than the collateral is worth – most banks hate that; the unscrupulous ones don’t).

It is possible that the home will not appraise out where it should – perhaps you are overpaying, or the market prices are dropping. And with more rigorous mortgage standards that seem to be appearing daily, and increased concerns about the industry and its lending practices, banks are becoming much stricter, and more careful.

What can happen?

Read the full article

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