What Happens When a Home’s Appraised Value Is Lower Than the Purchase Price?

Home prices are soaring upwards, but their appraised values don’t always match up. Today we’ll be talking about what happens when there’s a gap between a home’s appraised value and its purchase price. Typically, buyers make an offer and include an appraisal contingency, which allows them to renegotiate if the appraisal is low. However, some people are offering to cover part of the gap, while others are willing to pay the entire difference. To learn more about low appraisals and how buyers and sellers are dealing with them, watch this video.

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