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What happens if my home doesn't appraise for the offer price?

By Bob Millaway, South Jersey Community Expert & REALTOR®

If the appraisal comes in below your offer price, you have several options. You can negotiate the price down with the seller, pay the difference in cash, challenge the appraisal if there are errors, or walk away if your contract includes an appraisal contingency. An appraisal gap clause in your offer can strengthen your position.

Why It Matters

An appraisal gap can derail financing since lenders only lend based on the appraised value. Knowing your options ahead of time prevents last-minute stress.

Related Questions

What should I look for during an open house? How much should I save for a down payment? What are closing costs and how much are they? What loan options are available for first-time buyers? What questions should I ask my real estate agent when buying?

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