Selling a house can take months of showings, inspections, paperwork, and back-and-forth negotiations. By the time they schedule closing day, most sellers are ready to sign the papers, hand over the keys, and move on.
One homeowner shared on Reddit how their sale ran into trouble just before the finish line. After negotiating with the buyers and preparing for closing, they learned the appraisal had come in nearly $35,000 below the agreed sale price, and the buyers wanted the seller to cover the gap.
Suddenly, the homeowner faced a difficult decision: accept another price reduction, challenge the appraisal, or risk putting the house back on the market.
The Seller Had Already Made Concessions
The homeowner explained that they had owned the house for more than 20 years. They had listed it for $450,000, a price they described as being toward the higher end of the range supported by comparable homes in the area.
The local housing market was competitive, with properties often selling quickly. Still, negotiations had already cost the seller about $17,000 through price adjustments and closing-cost concessions.
After working through the buyers’ inspection requests, the seller thought the deal was finally moving along as planned. The buyers’ lender sent a letter saying they were clear to close, and the seller was preparing for the scheduled signing.
Then Came Two Last-Minute Surprises
Two days before closing, the buyers’ agent requested a one-week extension. The seller said the lender needed more paperwork about the source of the buyers’ funds.
The seller agreed to the delay, although they were surprised that another financing issue had come up so close to closing. Then, the day before the original closing date, the buyers’ agent shared another problem: the appraisal was nearly $35,000 below the agreed purchase price.
The buyers wanted the seller to lower the price by the full difference. After already making several concessions, the homeowner was understandably unhappy about being asked to give up even more money at the last minute.
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Why a Low Appraisal Can Put a Sale at Risk
A buyer and seller can agree on a home’s sale price, but the mortgage lender still needs an independent appraisal to help determine how much it will lend against the property.
If the appraisal comes in below the agreed price, the buyer may need to pay the difference out of pocket or ask the seller to lower the price. What happens next depends on the loan terms, the purchase contract, and any appraisal or financing contingencies.
The seller believed recent comparable sales supported the agreed price. They also admitted that finding suitable comparisons was difficult because relatively few homes in the area had sold recently.
Their listing agent suggested challenging the appraisal with other comparable properties. The seller wasn’t sure whether a review would raise the valuation enough to keep the transaction on track.
Related: 15 Home Buying Mistakes That Can Turn Your Dream Home Into a Money Pit
The Buyers Returned With a Smaller Request
The seller’s spouse wanted to stand firm instead of agreeing to another price cut. The homeowner was torn between accepting less money and putting the house back on the market, which could mean more showings, negotiations, and waiting for another buyer.
In an update to the Reddit post, the seller said they had turned down the request to cover the entire appraisal gap. The buyers then returned with a smaller request: a $10,000 reduction in the sale price.
The homeowner was still uneasy about the appraisal timing and the lender’s questions about the buyers’ funds. They suspected the issues were related, but the post didn’t explain what caused the delays or whether the sale eventually went through.
Related: They Were a Week From Closing on Their First Home — Then the Sellers Asked to Stay
What Other Home Sellers Can Learn
The Reddit post drew mixed responses. Some commenters told the seller to walk away and relist the house, while others recommended challenging the appraisal or trying to reach a compromise before giving up on a sale that was so close to closing.
For anyone selling a home, this situation reminds us that a scheduled closing date doesn’t mean every detail is settled. Sellers should stay in touch with their agent about the appraisal, the buyer’s financing, and any remaining contract deadlines before making plans for the proceeds.
A low appraisal also doesn’t automatically mean the seller has to accept a lower offer. Depending on the contract and financing terms, the parties may be able to request an appraisal review, renegotiate the price, explore other financing options, or end the deal under the agreement’s terms.
For this homeowner, the appraisal came as a surprise when they thought the hard part was already over. With closing just around the corner, they were suddenly facing another financial decision that could determine whether the sale went through.
Related: Problems Your Home Inspector May Not Find During a Walkthrough
