What if an appraisal appeal is unsuccessful?

I appealed my appraisal and the price was upheld, what are my options?

If an appraisal appeal is unsuccessful, a resident has several options to consider:

1. Make Up the Difference: The resident can choose to proceed with the buyback transaction by paying the difference between the lower appraisal value and the originally agreed-upon buyback price. This option allows the resident to complete the purchase without further delays, though it requires additional financial investment upfront.

2. Postpone the Purchase: The resident may decide to delay their purchase until market conditions improve. By postponing, the resident can wait for a more favorable appraisal that aligns better with the agreed buyback price. This option provides flexibility and avoids immediate financial strain, but it also means remaining in a rent-to-own arrangement for a longer period.

3. Explore Financing Alternatives: The resident could explore other financing options or lenders who may have different appraisal criteria or valuation methods. This might involve seeking a second opinion from another financial institution that could potentially offer a more favorable appraisal.