So how does an appraisal gap work when buying a home?
If you've been house hunting in a competitive market lately, you might have heard your realtor mention a specific clause, and you're probably wondering how does an appraisal gap work in a real-world scenario. It sounds like one of those technical real estate terms designed to make your head spin, but it's actually a pretty straightforward concept that can make or break your chances of landing a house. Essentially, an appraisal gap happens when the price you agreed to pay for a home is higher than what a professional appraiser says the home is actually worth. ...