This is a YouTube video titled "🚨 What Happens when an Appraisal comes in Low? 🚨" containing a monologue or explanation from October 7, 2021, discussing the process and strategies involved when a property appraisal comes in lower than expected, including notifying buyers and agents, submitting comparable sales for rebuttal, and negotiating with listing agents to avoid relisting and delays.
If an appraisal ever were to come in low, the first thing I do is notify my buyer, notify both agents. I try to have the agents get involved and find comps or comparable homes that have sold recently in the area that will support the higher value we're all going for. Appraisal companies do allow a one time rebuttal so we can prepare everything, send in the comps, and aim for a higher value. If it works, great. If not, it's my job to go to listing agent and try to renegotiate. You know, it's not helpful for the sellers to have to relist their house field offers, go back through a whole new loan process with somebody else, because those appraisals are third party anyway, so they're probably going to wind up in the same position down the road. It's much easier if they settle now and close with the current buyers.
