An appraisal gap describes the difference between the sales price and the lower amount of the appraisal required by the mortgage being obtained by the buyer. It becomes an issue if the seller is not willing to lower the price or the buyer is not willing to pay the difference in cash.
Looking at the issue from the seller's perspective, "if the buyer wants my home and he can't get the loan he wants, he'll have to make up the difference in cash." The buyer might have a different view like "If an independent appraiser can't justify the price, I'm not going to pay more than appraised value."
Appraisals can be a confusing but necessary part of the process when the buyer needs a mortgage. I'm available to answer any questions and share our experience with you. Our goal is to be your source of real estate information.
Stay up to date on the latest real estate trends.
Bob Webster | July 22, 2024
Bob Webster | July 16, 2024
Bob Webster | July 5, 2024
Bob Webster | July 1, 2024
Bob Webster | June 24, 2024
Bob Webster | June 17, 2024
Bob Webster | June 11, 2024
Bob Webster | June 10, 2024
Bob Webster | June 5, 2024
Bob is dedicated to offering the finest real estate service available in the Lake Geneva area. He attempts to make each buyer or seller he works with feel like they are the one and only client he has and strives to make each transaction a pleasurable experience with the least amount of problems, stress, and inconvenience to them.