Appraisal came in $15k under contract price - what are my options?

real estatehome buyingmortgageappraisal

Georgi_Pro

Joined:
01.04.2022
Posts: 1606

Topic Starter

21.01.2025 21:09

I just received the appraisal report for the house I'm under contract for, and it came in $15,000 lower than our agreed-upon purchase price. I'm feeling really stressed because I don't have that extra cash to bridge the gap, and I'm worried the seller won't want to drop the price. Has anyone dealt with this recently? Should I ask the seller to lower the price, try to contest the appraisal, or just walk away? I really love the house, but I don't want to overpay if I don't have to.

11 replies in this topic

robert_d

Joined:
11.11.2024
Posts: 408

24.01.2025 05:03

First off, take a deep breath. This happens way more often than you think, especially in a shifting market. You aren't alone.

radek_sofia

Joined:
13.01.2025
Posts: 117

23.02.2025 06:52

In reply to a previous post

Definitely talk to your agent first. They can pull more recent comps to see if the appraiser missed anything significant. Contesting is a long shot, but sometimes it works if there are clear errors.

anonimen_bg

Joined:
23.01.2023
Posts: 699

08.03.2025 18:49

In reply to a previous post

I had this happen last year. The seller refused to drop the price, so we met in the middle-I covered half the gap, and they dropped the price by the other half. It’s worth a shot to ask.

Yani_Z

Joined:
29.01.2023
Posts: 2242

09.04.2025 11:40

In reply to a previous post

If the appraisal is that low, the bank won't lend you the full amount anyway unless you pay the difference in cash. Do you have an appraisal contingency in your contract?

Igor_Tech

Joined:
24.10.2020
Posts: 418

12.07.2025 05:46

Don't overpay just because you love the house. You'll be underwater on your mortgage from day one.

Viktoria_S

Joined:
03.08.2020
Posts: 2437

10.08.2025 03:48

In reply to a previous post

I agree with the person above. If you walk away, you lose your due diligence fee, but that's better than losing $15k in equity the second you close.

Maya_L

Joined:
21.01.2024
Posts: 945

13.10.2025 05:10

Sometimes sellers are desperate to close. If they have other offers, they might be stubborn, but if the house has been sitting, they'll likely negotiate.

Alisa_K

Joined:
02.07.2022
Posts: 528

28.11.2025 11:36

In reply to a previous post

Ask your lender if they can order a second appraisal. It’s rare, but sometimes you get a different result if the first guy was just having an off day.

radek_sofia

Joined:
14.09.2023
Posts: 1771

06.02.2026 06:13

In reply to a previous post

Also, check the appraisal report for mistakes. I’ve seen appraisers list the wrong square footage or miss a bedroom count. That’s an easy fix if it’s a factual error.

Oskar_Z

Joined:
15.06.2022
Posts: 241

10.02.2026 16:28

In reply to a previous post

Is it worth trying to get a seller credit for closing costs instead of a price drop? Sometimes that helps the math work out for the loan-to-value ratio.

otgovor_BG

Joined:
01.02.2022
Posts: 843

29.03.2026 16:04

In reply to a previous post

Good luck! This is the most stressful part of the buying process, but you’ll get through it one way or another.

Appraisal came in $15k under contract price - what are my options?

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