Appraisal Gap: When a Home’s Value Is Lower Than Your Offer
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.
Gracen Tilton | Marshall Walker Real Estate | 542 Rutledge Avenue | firstname.lastname@example.org | 803-549-6318