What happens if my house appraised for more than the asking price?
If your house is appraised for more than the asking or purchase price, then you’re in luck because nothing happens! In fact, you should pat yourself on the back for being such a good negotiator.
Neither you the buyer nor the seller will get any kind of reimbursement or the difference if the home is appraised for more than the purchase price.
Now, if your home appraises for lower than the asking price, you have a different situation on your hands.
As a side note, don’t go back to the seller to show them the appraisal either. You might cause a situation where they think they got ripped off and will do something nasty, like not go through with the sale.
What to expect for a home appraisal?
A home appraisal is a relatively easy process whether you are refinancing your home, selling a house, or just want to know the value of your property.
In all residential home appraisals, the process is pretty much the same, and it goes like this:
1. The appraiser gets the order which contains all of the information needed to make contact (Phone, email, etc)
2. The appraiser schedules an appointment to do their inspection
3. The inspection is performed (Typically takes around 15-30 minutes depending on the complexity and size of the property)
4. The appraiser then goes back to their office and writes the appraisal report (Can take anywhere from 1 day to 1 week)
5. The appraisal report is then delivered to the client and changes are made if needed
All of these steps are addressed in detail here if you want to learn more.