What If The Appraisal Comes In Low?
This is still an all too common thing. Most homes require bank financing. All lenders will require an appraisal on your home to verify the collateral of the home being sold. You've most likely passed inspection so the final hurdle prior to closing will be the appraisal. What if the appraisal comes in less than the agreed upon sales price?
Lenders always base their loan on the LOWER of the sales price or appraised value. So, unless otherwise agreed upon between the buyer and seller that appraised value becomes your new sales price.
The bottom line
If the appraisal comes in low that becomes the new price unless both parties agree to modify the sales agreement. So, there would need to be an "Addendum" typed up where both buyer and seller agree to the new price. It's a poker game and depends how bad you want to sell and risk losing the buyer to negotiate them back up to or near your previously agreed upon price.