If the appraisal comes in for less than the agreed sale price, the parties to the sale or purchase might have to take further action depending on the specific terms of the real estate contract.
There are many possibilities depending on the terms of the sale contract: the sale could be cancelled; the parties could renegotiate the price; the lender could require a higher down payment; or the lender could refuse to lend at all. It all depends on how the deal is structured.
Sometimes appraisals can be successfully challenged, but it is difficult to do.
It is a federal government agency that has lending programs and grants tailored for small businesses.
It also provides education and local assistance from retired business executives through the SCORE program and its Small Business Development Center.
There are local SBA chapters across the country.
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