Sellers can order a second appraisal, offer a list of comparable properties that have recently sold, or lower the contract price after receipt of a low appraisal.
When an appraisal comes in low, tensions can get high. There are many potential reasons for a low appraisal. These include: (1) the price being artificially high due to multiple offers; (2) incorrect valuation by the underwriter; (3) overpricing by the seller; or (4) an inexperienced appraiser.
One thing many sellers do is order a second appraisal. Ordering a second appraisal is beneficial because sometimes the second appraisal comes in higher than the first appraisal, especially if the first appraiser was inexperienced or made mistakes.Another option is producing a list of comparable homes that have recently sold. Offering the list can help legitimize the sale price of your home. Finally, if neither of these are an option for you, you can lower the sales price of your home to avoid losing the sale.