If you’re a seller whose home has been appraised at a lower value than expected, you can present data to rebut the appraised value – just be sure to stay realistic. You can also reduce your home’s listed price, or if you have an interested buyer, negotiate that they make up the difference in closing costs or agree to meet somewhere in the middle. Worst case scenario, you also always have the option of walking away, though, you run the risk of struggling to find a new buyer, but when you do, their lender’s appraiser might have a more favorable view of your home.
If you’re a buyer whose appraisal has come in low, you’re given a bit more power. You can use a low appraisal to further negotiate a lower purchase price with the seller, though you should discuss an action plan with your real estate agent before doing so.