Appraisal gaps require you to pay the difference in cash, negotiate with the seller, or potentially walk away if you have an appraisal contingency. This is more common with low down payment loans or when “packing” seller concessions into the price. If the home appraises $10,000 low, someone has to come up with that cash or the deal typically falls apart.
The information contained in this pamphlet is provided for general informational and educational purposes and is not, nor intended to be, legal, financial or tax advice. House Karma is not authorized to practice in front of the IRS and is not subject to IRS Circular 230. This information pamphlet is general in nature and may not apply to the specific circumstances of individual readers. No claims are made about the accuracy, timeliness or usefulness of the content contained on this pamphlet. The information contained in this pamphlet by House Karma is not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice.
Users of this pamphlet should seek specific guidance directly from a qualified legal, financial or tax professional. Nothing contained on or provided through this pamphlet is intended to be or is to be used as a substitute for professional advice. House Karma is not a lender, nor does it broker loans.
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