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Understanding the Appraisal Contingency - Dan Vollmer

Understanding the Appraisal Contingency

Remember Antiques Roadshow?  I’m not sure if its pic1even still on, but the premise of the show was that folks would bring their antiques – or something they had bought at a yard sale or found in grandma’s attic – and get a professional to tell them what it was worth.  The whole reason most people watched the show – or participated on it – was for the possibility that they had bought or found something worth a fortune.

I mention that show because the concept of an ‘appraisal’ is experienced in different ways in our culture.  If you’ve had jewelry appraised, that’s one format.  Antiques or valuables is another way.  I’d say the most common experience most of us have with appraisals comes as part of the home buying experience.  In spite of the fact that all home buyers (at least those who financed their purchase) have received an appraisal, the way the appraisal functions can still cause confusion.

I think most buyers understand that one of the contingencies in a purchase contract is an appraisal contingency.  This protects the buyer from having to purchase a home that is valued (by an appraiser) at less than they have agreed to pay.  But what happens when the appraised value is determined to be less than the contract price?  What are the buyer’s options at that point?  That’s where I’d like us to focus our attention.

So let me also set up a scenario: The Smiths have made an offer to buy a home from the The Perkins.  Both parties have agreed that the sales price will be $200,000.  The Smith’s lender orders and appraisal, and when the report is completed, the value is determined to be $190,000. (Incidentally, this topic is ‘top-of-mind’ for me because I’ve experience this situation more times this year than in the past several years combined.)

pic2Okay, so now we have a situation.  Appraised value is less than the agreed-upon purchase price.  What happens now?  Based the contract (for our purposes, I’ll be quoting directly from the Lynchburg Association of REALTORS Purchase Agreement) , the buyer has two options:

  1. They “have the privilege of proceeding with consummation of [the contract] without regard to the amount of the appraised value;” or they can:
  2. “Make a written request to the seller… for a reduction in the purchase price, so long as the reduced purchase price is not lower than the appraised value…”

Notice that one of the options provided to the buyer is NOT to terminate the contract and walk away.

By the contract, the buyer has two alternatives.  The first one is to proceed with buying the home, regardless of the appraised value, and just making up the difference themselves.  In the scenario posed above, the Smiths would say to the Perkins: “we still love your home and want to pay $200,000 for it.  Since the appraised value is $190,000, we agreed to pay the extra $10,000 out of our pocket.”

Not all buyers have the means or the desire to do that, so the contract provides for a second alternative: reducing the purchase price TO the appraised value.  So the Smiths would say to the Perkins: “Based on this appraisal, we now agreed to buy your home, except now we will only pay $190,000.”

This is the more common road chosen, but it then puts the ball in the seller’s court.  They then have the option of agreeing to the newly reduced price… or they can choose to not accept the appraised value and release the purchasers, terminate the contract and start the process all over again.

The bottom line is this: when the appraised value is determined to be lower than the purchase price, the options start with the buyer, but they are limited to the two above.  Should the buyer choose the second option, the decision is then left to the seller as to whether the new price is acceptable to them or not.  The ability to walk away – or reduce the purchase price BELOW the appraised value – are not options available to the buyers, unless separately written into the contract apart from the appraisal contingency language.

Questions, comments, or have an idea for a future article?  Email me at dan@DanVollmer.com.

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