So I’m dumb about buying houses, and am right smack dab in the middle of the process right now.
Am waiting on appraisals now—my house and the house I want to buy.
Both are appropriately priced, I think, and I haven’t been sweating the appraisals, but suddenly it occurred to me:
What happens if one is appraised well below the price we’ve already agreed on?
Like, let’s say a house is under contract for 200K but appraises only for 180K.
Is a buyer likely to say, Hey, I know we’re under contact for 200 but let’s make it 180, buddy!
And is the converse true? Is a seller likely to ask for more if the house gets appraised higher than the under-contract price?
Or does the appraisal not have that much impact?
Am I misunderstanding totally?