One of the topics that we regularly get asked in today’s market is, “What happens if the home doesn’t appraise?”
It all depends on your area, price point, and what the market is doing. If you get multiple offers, you should negotiate so that there is no appraisal contingency. This way, if the home does not appraise for the full price, the buyer would cover the gap.
However, sometimes that’s not possible. The buyer and seller then have to negotiate and decide to meet in the middle, have the buyer cover the gap, ask the seller to meet the appraisal amount, or terminate the deal. In today’s market, when there are multiple offers, it’s key to make sure you get the appraisal contingency removed.
If you have any questions, don’t hesitate to reach out to us at (770) 634-9710. We look forward to hearing from you.