What Can I Do If the Appraised Value Comes in Lower Than the Purchase Price?
If the appraised value comes in below the purchase price, it gives you as the buyer a good opportunity to re-negotiate the purchase price. A low appraisal can affect your ability to obtain your mortgage where loan-to-value is a concern with certain mortgage programs, so it might be vital to re-negotiate for a lower purchase price in that case.
4 Important Things to Understand About Title Insurance
1. It protects your ownership right to your home both from fraudulent claims against your ownership and from mistakes made in earlier sales, such a mistake in the spelling of a person’s name or an inaccurate description of the property.
2. It’s a one-time cost usually based on the price of the property.
3. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy.
4. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.
Source: National Association of REALTORS®