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By Matty Miller

With a track record defined by precision and local expertise, Matty Miller is a cornerstone of the Jacksonville real estate market. Since 2017, Matty has successfully navigated over 200 real estate transactions, earning his Broker’s license in 2019 to provide a higher tier of service to his clients. Currently overseeing a single-family property portfolio valued at over $50 million, Matty specializes in the strategic management and acquisition of high-value assets across the First Coast. His approach combines deep market data with a boots-on-the-ground understanding of Jacksonville’s unique neighborhoods. Whether working with institutional investors or individual homeowners, Matty delivers the seasoned perspective required to maximize value in Florida's most dynamic coastal markets.

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Here are my tips for what you can do if the appraisal comes back low.

Our real estate market is a little crazy right now and we’ve seen record-high prices. That’s great news for sellers, but it does present some complications when it comes to appraisals and what a bank will actually give a prospective buyer. Today I’m talking about  what happens if appraisals come back low. 

An appraisal is when the bank hires a third-party appraiser to come to take an assessment of the value of the property. Whatever that assessment comes back at is what the bank will lend you to purchase the home. However, as we see prices skyrocketing, we’re seeing a lot of appraisals come back low. In our market, one in five appraisals come in low. Here are your options if that happens:

1. Walk away from the deal because you had a financing contingency built into your offer.

2. Come up with extra cash to make up the gap.

3. Renegotiate the sale price of the property.

More often than not, your appraisal will come back at value and you’ll be ready to close in a week or two. If you have further questions about this topic or anything else related to real estate, feel free to reach out to me. Have a great day.

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