I am submitting an offer on a beautiful home this afternoon. My agent strongly believes the house will under appraise (even just a little) because all the comps sold for $20-$40K less.
We’re thinking of giving them the price they asked for and then a $15K appraisal gap. I’m sure other buyers will offer higher prices and I’m hoping their appraisals are lower. This isn’t a very high demand area but most homes have been selling 2-3 weeks after listing. I’ve missed out on 2 other homes because my max appraisal was $5K both times.
Sellers— what would be most appealing to you?
Sellers: would you prefer a 15K appraisal gap or a $5K over asking?
byu/Throwaway6531310 inRealEstate
Posted by Throwaway6531310
1 Comment
In our market, appraisal gaps are usually offered when your offer is over asking.
Sellers want the chances of getting more money in their pocket.
Chances are they are thinking their house is worth what they’re asking and not thinking of appraisal.
I’d offer $5K over asking and $10K appraisal gap if you want to present a solid offer.