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My lender input the wrong contract price on the appraisal form, resulting in the appraiser valuing the home for less than the actual purchase amount. What are my options here?

For context, I purchased a home for $367,500. Initially, I had offered $355k, but my escalation clause kicked it to my max offer.

My lender incorrectly put $355k as the contract price on the appraisal form, and the appraiser valued the home at $360k, $7500 less than the actual purchase price.

The lender admitted fault, and that the underwriting team should have caught this prior, but now I am in a predicament where the home is valued less, and the lender still hasn’t gotten back to regarding next steps.

Also worth noting that there were 4 comps on the appraisal report, 3 of which were sold for $400k. The 4th home sold for $360k. All were same style & size homes, within 1.5 miles, same school district, area, etc.

With a median comp price of $390k, shouldn’t my home be worth slightly higher? Do you think the incorrect contract price of $355k played a factor in the appraisers value (360k) provided?

submitted by /u/KSP420
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/oulcfp/my_lender_input_the_wrong_contract_price_on_the/
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