Multiple offers & low appraisals: What to do

What happens when your client finally wins a bidding war because they went way over LIST price and then the appraisal comes in short? With the Chicagoland real estate market in 2022 being very competitive with little inventory and multiple offer situations, options are limited. Other than re-negotiate the sales price, what can you do?

Many Realtors don't know this - in certain cases, lenders can re-structure a mortgage loan to find the cash. For example, if a client had planned on putting 20% down to buy a home, they might be able to switch to a different loan product where only 3.5% is required.

Here at Stonehaven, we even have a Jumbo Loan product (as of March 8, 2022) where we lend up to $1,000,000 with only a 3.5% down-payment required*. This is exciting news - as normally Jumbo loans require much higher downpayment percentages such as 15-20%+.

Give us a call today to discuss your scenario!

*This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.