Out Of Buying A Home: Backing

If the house appraises for less than the purchase price, your lender may refuse to cover the full loan amount. This allows you to renegotiate the price or walk away.

You will likely lose your deposit, which typically ranges from 1% to 10% of the home's sale price. backing out of buying a home

If you decide to walk away after contingency deadlines have passed or for a reason not covered in the contract (like "buyer's remorse"): If the house appraises for less than the