What Happens If a Home Appraises BELOW Your Offer? | Real Estate Appraisal Explained
Автор: Mortgage & Rental Hustle with Jason Fox
Загружено: 2025-03-08
Просмотров: 888
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Thinking about offering $20,000 over asking price to win that dream home? Here’s what you need to know from a real estate perspective.
If you offer above the asking price on a home — say, $20,000 over — and the property appraises at the original asking price not your higher offer, the lender will only finance up to the appraised value. That means you, the homebuyer, are responsible for covering the appraisal gap out of pocket.
If you don’t have the additional funds and you waived the appraisal contingency, you could be at risk of losing your earnest money deposit, and in some cases, facing legal action or breach of contract.
💡 This is why understanding the appraisal process and including the right contingencies in your real estate offer is so important in today’s competitive housing market.
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