Why the appraisal matters to your loan
When you borrow to buy a home, your lender may require an appraisal. The CFPB describes the appraiser as an independent professional whose job is to give the lender an estimate of the home's market value, and it lists an appraisal coming in higher or lower than expected as one of the changes that can lead to a revised Loan Estimate with a new loan offer.
For a loan secured by a first lien on a dwelling, Regulation B requires the lender to give you a copy of each appraisal or other written valuation promptly upon completion or three business days before closing, whichever is earlier; you may waive the timing and receive it at or before closing. Review it as soon as it arrives.[1][2]
Your contract decides your options
Whether you can cancel, renegotiate or must close anyway depends on your purchase contract, including whether it has an appraisal or financing contingency and what deadlines apply. Read those provisions early and talk with a Florida real estate attorney before any deadline passes.
- Ask the seller to lower the price to the appraised value or meet you partway.
- Bring additional cash to cover the difference, if your budget and loan allow.
- Ask the lender to correct factual errors or to reconsider the value.
- Use a contingency to cancel, if your contract provides one and you act on time.[1]
Can you challenge the appraisal?
For a loan secured by your principal dwelling, federal valuation-independence rules in Regulation Z bar anyone involved, including real estate agents, from coercing, bribing or otherwise improperly influencing an appraiser, but they expressly allow asking the appraiser to consider additional, appropriate property information, including comparable properties, to provide more detail or explanation, or to correct errors.
For FHA-insured loans with case numbers assigned on or after September 2, 2024, HUD requires lenders to offer a borrower-initiated reconsideration of value: a disclosure at application and when the appraisal is delivered, up to five alternative comparable sales, one borrower-initiated request per appraisal, no cost to the borrower, and resolution before closing. Other loan types follow their own requirements, so ask a licensed lender how its process works.[3][4]
Key takeaways
- An appraisal estimates market value for the lender, and a low result can change your loan offer.
- You are entitled to a copy of the appraisal for a first-lien home loan, generally at least three business days before closing.
- Your contract's contingencies and deadlines determine whether you can cancel or renegotiate.
- You can ask for errors to be corrected and for additional comparable sales to be considered without violating appraiser-independence rules.
- For FHA loans, lenders must offer one no-cost borrower-initiated reconsideration of value per appraisal.
Sources
- [1]Consumer Financial Protection Bureau — Your Home Loan Toolkit (PDF)
- [2]Consumer Financial Protection Bureau — Regulation B, 12 CFR 1002.14: Rules on providing appraisals and other valuations
- [3]Consumer Financial Protection Bureau — Regulation Z, 12 CFR 1026.42: Valuation independence
- [4]U.S. Department of Housing and Urban Development — Mortgagee Letter 2024-07: Appraisal Review and Reconsideration of Value Updates (PDF)
Reviewed October 11, 2026. General real-estate information for Florida, not legal, tax, lending or insurance advice. Laws, rates and deadlines change — confirm property-specific facts with the agency cited, a Florida real-estate attorney, CPA or licensed insurance agent.