A low appraisal could be a problem that holds up the purchase of a house. Here's why:

1. When you're buying a house, your mortgage lender will typically require an appraisal to determine the home's value.

2. The appraisal is done by a professional appraiser who assesses the home and compares it to similar properties in the area to come up with a value.

3. If the appraisal comes in lower than the purchase price, the lender may not be willing to lend you the full amount you need to buy the house. This is because the lender wants to ensure that they can recover their money if they ever need to sell the house in the event of a foreclosure.

4. Therefore, a low appraisal can hold up the purchase of a house because it can lead to a funding issue. You may need to renegotiate the price with the seller, come up with the difference in cash, or walk away from the deal.

Question

A low appraisal could be a problem that holds up the purchase of a house. Here's why:

1. When you're buying a house, your mortgage lender will typically require an appraisal to determine the home's value.

2. The appraisal is done by a professional appraiser who assesses the home and compares it to similar properties in the area to come up with a value.

3. If the appraisal comes in lower than the purchase price, the lender may not be willing to lend you the full amount you need to buy the house. This is because the lender wants to ensure that they can recover their money if they ever need to sell the house in the event of a foreclosure.

4. Therefore, a low appraisal can hold up the purchase of a house because it can lead to a funding issue. You may need to renegotiate the price with the seller, come up with the difference in cash, or walk away from the deal.

Knowee AI · Accepted Answer

A low appraisal could be a problem that holds up the purchase of a house. Here's why:

1. When you're buying a house, your mortgage lender will typically require an appraisal to determine the home's value.

2. The appraisal is done by a professional appraiser who assesses the home and compares it to similar properties in the area to come up with a value.

3. If the appraisal comes in lower than the purchase price, the lender may not be willing to lend you the full amount you need to buy the house. This is because the lender wants to ensure that they can recover their money if they ever need to sell the house in the event of a foreclosure.

4. Therefore, a low appraisal can hold up the purchase of a house because it can lead to a funding issue. You may need to renegotiate the price with the seller, come up with the difference in cash, or walk away from the deal.

Which of the following could be a problem that holds up the purchase of a house?Cleared inspectionHigh offer on the houseHigh appraisalLow appraisal

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Which of the following could be a problem that holds up the purchase of a house?

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