Appraisal for house we wnat to buy low... (sales, lender)

[pamptrecy]

The appraisal came in about 9K low. Would it be wise to buy a house that doesn't appraise for the sales price? Do the sellers typically have to cover that? Thanks!

[DJShymansky]

Your realtor should be answering this question. Your sales contract has provisions and contingencies that would cover the appraisal, and your lender will definitely have an opinion on financing more than the appraised amount.

[Jim3310]

Things can get a bit dicey when the appraisal comes in that low.

Bank obviously cover that loss. If it's cash you still have decisions to make.
What does the contract say? If it's new construction you may have a serious problem.
Is the appraisal done correctly? Where are the comps from? You can challenge it.

In other words, talk to your Realtor.
jim