Appraisal Gap: When a Home’s Value Is Lower Than Your Offer

Posted By Gracen Tilton @ Sep 7th 2021 4:15pm In: Charleston SC Real Estate

When you buy a house, your mortgage lender will require an appraisal. Sometimes the lender's appraiser says the property is worth less than you've offered to pay. An “appraisal gap” is when there is a difference between the appraised value of a home and the purchase price in the sales contract.

When a home does not appraise at value, the gap between the appraised value and the contract price must be resolved. The transaction cannot move forward without a resolution.

However, as a buyer looking to purchase a home in this competitive market, there are a few options to cover your appraisal contingency or appraisal gap, in order to get your deal to closing! 

Gracen Tilton | Marshall Walker Real Estate | 542 Rutledge Avenue | | 803-549-6318 

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