Using home purchase loan application data, we study buyer responses to the uncommon occurrence of the appraised value coming in below the contract price (i.e. a low appraisal), which sharply raises the probability of downward price renegotiation. We propose that two mechanisms drive the higher renegotiation rates. First, a liquidity channel, visible for financially constrained borrowers for whom a low appraisal impacts financing costs. Second, for financially unconstrained borrowers, we identify a news channel whereby the information content of the low appraisal alone induces borrower renegotiation. Importantly, we show that low appraisals result in lower renegotiated prices through these channels without a substantially lower likelihood of a loan application leading to loan origination or notably longer times from contract signing to sale.

使用购房贷款申请数据，我们研究了买方对低于合同价格（即低评估）的评估价值的罕见出现的响应，这大大提高了价格重新谈判的可能性。我们建议采用两种机制来推动更高的重新协商率。首先，流动性渠道，对于财务受限的借款人而言可见，因为评估不足会影响其融资成本。其次，对于资金拮据的借款人，我们确定了一个新闻渠道，仅凭低评价的信息内容就可以引起借款人重新谈判。重要的是，我们表明，低评估导致通过这些渠道进行的重新谈判价格降低，而导致申请贷款导致贷款产生的可能性大大降低，或者从签订合同到出售的时间明显更长。