In a rapid-fire seller’s market, you need more than great finances and a quick-on-the-draw offer to land the home of your dreams. You need guts, grit, and every advantage to edge out the
What Is Appraisal Gap Coverage?
Dated: September 28 2021
Views: 53
In a rapid-fire seller’s market, you need more than great finances and a quick-on-the-draw offer to land the home of your dreams. You need guts, grit, and every advantage to edge out the competition—even if your offer is thousands above asking.
Enter appraisal gap coverage.
Appraisal gap coverage affords a middle ground between including an appraisal contingency in your offer (drag!) and waiving it completely (agh!).
It sounds like an insurance policy, but it's not. It's strategic language in your purchase contract that states you’re willing to pay the difference between the appraised value and the contract price, up to a certain amount.
If a seller is studying two equal offers and one has appraisal gap coverage but the other offer doesn’t, they’ll go with the one with the gap coverage.
Have hopes of buying this fall but feel a tad hesitant? Let's have a conversation—I'd love the chance to guide you through the buying process and make sure your offer is the one on top!
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Rafael Morera
Rafael Morera is CEO/Broker of Record of The Morera Group. A prominent real estate brokerage with offices on Rosemary Square, West Palm Beach, Las Olas Blvd. in Ft. Lauderdale, Port St. Lucie and our....
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