What happens if the sale price is lower than the appraisal at payoff?

If the sale meets permitted sale criteria, Point may accept the sale price as the ending value. If not, Point may require a separate appraisal.

The permitted sale criteria are:

• The sale must be an arm’s length transaction

• The property be listed for sale on the Multiple Listing Service, and you must use a licensed real estate agent to market and sell the property.

In some cases Point may need to order a valuation of your property to determine the market value. Our team will advise if any further review of the value of the property is required.