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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →If your lender’s appraisal is below the agreed purchase price, ask the seller to reduce the price and use the appraisal as evidence. First get and review the full report; then ask your lender about correcting any specific errors and calculate what keeping the current price would mean for your cash and loan. If the seller refuses, your options depend on the contingencies, deadlines and other terms in your signed contract—not on the appraisal alone.
Get the appraisal and check what it says
Ask your lender for the full appraisal and any other valuation it obtained. Borrowers are entitled to copies of appraisals and other written opinions of value, and the lender cannot interfere with the appraiser’s independent judgment. The report is a professional opinion, not an automatic change to the contract price. The CFPB’s low-appraisal guidance explains the buyer’s next steps.
Review the property description and comparable sales. Check factual details such as square footage, bedroom and bathroom count, and year built. Consider whether the selected sales are nearby and meaningfully comparable to the home. Differences in property data or sales information can affect a valuation. CFPB appraisal resources discuss valuation reviews and related information.
Ask the seller for a specific price reduction
The CFPB calls a low appraisal strong evidence that the agreed price was above market value and recommends asking the seller to reduce the price. The seller is not required to agree. Make a direct, evidence-based request through your agent or the communication channel set out for the transaction. State the appraisal amount, the revised price you are requesting, and the relevant support in the report.
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For example: “The lender’s appraisal came in at [appraised value], below our contract price of [contract price]. Based on the valuation and comparable sales in the report, we’re asking to amend the purchase price to [requested price].” Treat this as a starting point for discussion: the seller may accept, counter, or decline.
Request a review only when you have specific evidence
If the appraisal contains a factual error, omits relevant information, relies on unsuitable comparable properties, or appears to reflect prohibited bias, ask your lender how to request a reconsideration of value. Gather documents that support the concern, such as accurate property details or relevant comparable-sale information. The CFPB’s reconsideration guidance describes issues that may support a request.
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Lender procedures vary, and a reconsideration does not guarantee that the value will change. The review determines whether an adjustment is appropriate; do not assume the lender or appraiser can raise the value simply because it is below the contract price.
Find out what keeping the price would cost
A lower appraised value can reduce the loan amount available under the loan-to-value calculation. Depending on your loan terms, you may need to bring more cash to closing to keep the purchase at the agreed price. Ask the lender for an updated written estimate of the loan amount, cash needed at closing, and any changed loan terms before deciding whether to cover the difference. The exact result depends on your loan and borrower-specific terms. A 2016 Federal Reserve Bank of Philadelphia study reported that, within the study’s scope, about 30% of appraisals matched the home price exactly and fewer than 10% came in below it; those figures should not be generalized to every market or transaction.
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Compare the choices using the figures and deadlines that apply to your transaction:
- Cash: How much additional money would you need to close if the price stays unchanged?
- Loan and payment: What loan amount and terms would apply under the current price or a reduced price?
- Contract rights and timing: Does an appraisal, financing, or other contingency apply, when does it expire, and what would cancellation cost?
- Evidence and timing: Is there a supportable basis for a review, and can it be completed before financing and closing deadlines?
Read your contract before considering cancellation
If the seller will not reduce the price, review the signed agreement’s appraisal, financing, and other contingency language, along with every relevant deadline. Whether you can cancel, and whether you could lose earnest money or face other costs, depends on the contract and applicable law. General U.S. consumer guidance cannot determine how a particular state’s law or your contract applies. If cancellation or earnest money is at stake, consult a local real estate attorney before relying on a right to walk away. The CFPB also recommends considering legal advice.
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