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The differences between market value and appraised value depend on the local market, so they can match, or either one can be higher than the other. In a “seller’s market,” where there is an abundance of buyers, market value will likely sit higher than the appraised value because there’s more demand for the low inventory of homes. In a “buyer’s market,” where there are more homes than there are buyers, the market value is more likely to sit below the appraised value to entice buyers.

If the sales agreement has a clause that allows the seller to renegotiate based on the appraised value, then they might be able to back out if the appraisal comes in higher than your offer price. If the agreement doesn’t have that language, then the seller has no legal recourse to back out. They could hold a higher offer as a backup and move onto that one if yours falls through for any reason, but once the agreement is signed, the seller is locked into that purchase price unless there’s a clause stating they can renegotiate.

For homeowners who love the charm and character of historic homes, renovating is well worth the invested cost. Keep in mind, though, that historic homes often need more extensive work than you might think at first, so be sure you know exactly what needs to be done so you can decide for yourself if the time, money, and effort are worth it for you.

If you are considering buying a home with a cesspool, you will need to weigh the potential costs and hassles. Your primary decision will be whether to maintain the existing system or replace it. Maintaining a cesspool involves ongoing expenses for services like aeration, pumping, and cleaning. Alternatively, you could dismantle the system and replace it with a modern septic tank or connect to a public sewage line, which involves significant upfront costs. It is also crucial to check local and state regulations, as some jurisdictions require that cesspools be replaced before a home can be sold. Ultimately, you must decide for yourself if the financial investment and effort are worth it for the property in question.