![]() Gaps in the appraisal can occur when market conditions quickly change and bidding wars occur.Appraisal gap is the difference between the offer price and the appraised value of a home.In this article, we’ll discuss how and why an appraisal gap happens, and some strategies for buying a home that doesn’t appraise for the purchase price. Until there’s a meeting of the minds between buyer, seller, and appraiser, an appraisal gap can occur. While a home appraisal is meant to estimate fair market value, sometimes there is a time lag between what buyers and sellers agree a property is worth, and what an appraiser says a home is worth. In many real estate markets across the country, sellers are receiving multiple offers above the listing price of the home. ![]()
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