What to Do About a Low Appraisal (and What is an Appraisal Gap?)

Описание: Ah, the classic appraisal gap/appraisal contingency. During hot housing markets (like we’ve been experiencing over the past two years), these types of offers have become more and more common. A seller wants to be sure that they can get the sales price they want and the buyer often has to pay the price to cover the appraisal difference. But what are some ways to get around this if your appraisal comes back low?

This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: My buddy placed an offer substantially above asking price and the seller, before accepting the offer, asked my friend if he would pay the difference if the appraisal came in lower than the offer. Anyone encountered this situation and what would be the best response if any?

What would you do in this situation? Challenge the appraisal, request a new one, or simply pay the difference? Listen on to hear what Ashley and Tony think.

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Join BiggerPockets for FREE:
https://www.biggerpockets.com/signup?...
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Join the Real Estate Rookie Facebook Group:
  / realestaterookie  
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Question of the Episode 👇   / 459994265047600  
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What Appraisal Gap Coverage Is—And How It Wins Offers in Red-Hot Markets:
https://www.biggerpockets.com/blog/ap...
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How to Challenge a Low Appraisal—And Win a High Valuation:
https://www.biggerpockets.com/blog/lo...
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Tools Mentioned in This Episode:
PropStream: https://www.propstream.com/bp
Realtor: https://www.realtor.com/
Zillow: https://www.zillow.com/
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Connect with Ashley and Tony on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/e...
Tony: https://www.biggerpockets.com/users/t...
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Shoot Ashley and Tony a Question on Instagram!
@wealthfromrentals or   / wealthfromrentals  
@tonyjrobinson or   / tonyjrobinson  

Episode 198

Show notes at: https://www.biggerpockets.com/blog/ro...

#biggerpockets #realestaterookiepodcast #ep198