{"id":101655,"date":"2026-02-12T08:32:13","date_gmt":"2026-02-12T16:32:13","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=101655"},"modified":"2026-02-13T07:24:47","modified_gmt":"2026-02-13T15:24:47","slug":"what-is-an-appraisal-gap","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-an-appraisal-gap\/","title":{"rendered":"What Is an Appraisal Gap? How It Works and What Buyers Should Know"},"content":{"rendered":"<p><b><i>Key takeaways:<\/i><\/b><span style=\"font-weight: 400;\"><br \/><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">About <\/span><b>8% of home appraisals<\/b><span style=\"font-weight: 400;\"> come in below the contract price, creating appraisal gaps where buyers may need to cover the difference or renegotiate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Appraisal gaps are most common in competitive markets like Los Angeles, Austin, or Chicago, especially with rapidly rising prices or unique homes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buyers can manage gaps by budgeting extra cash, negotiating with the seller, requesting a reconsideration of value, or using an appraisal contingency to back out safely.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An appraisal gap occurs when a home&#8217;s appraisal value is lower than the agreed-upon purchase price, creating a difference the buyer must cover, renegotiate or walk away from depending on the contract terms. This is a common challenge in competitive housing markets, where roughly <\/span><a href=\"https:\/\/www.fanniemae.com\/research-and-insights\/publications\/housing-market-effects-appraising-below-contract\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">8% of home appraisals<\/span><\/a><span style=\"font-weight: 400;\"> come in below the contract price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is particularly prevalent in real estate markets like <\/span><a href=\"https:\/\/www.redfin.com\/city\/11203\/CA\/Los-Angeles\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Austin, TX<\/span><\/a><span style=\"font-weight: 400;\">, or <\/span><a href=\"https:\/\/www.redfin.com\/city\/29470\/IL\/Chicago\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/a><span style=\"font-weight: 400;\">, where bidding wars often drive prices above the appraised value. Because lenders base loan amounts on the appraisal\u2014not the purchase price\u2014 buyers are typically responsible for covering this difference out-of-pocket. In this Redfin guide, we&#8217;ll explain why appraisal gaps happen and how buyers can effectively navigate them.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is an appraisal gap and why does it happen?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">An appraisal gap occurs when a home\u2019s appraised value comes in lower than the price you agreed to pay. This doesn\u2019t automatically end the deal, but it can create complications\u2014you may need to cover the difference out of pocket or renegotiate with the seller. If no agreement is reached, you could risk losing the home or even your earnest money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Appraisal gaps often happen in competitive housing markets due to factors like:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High competition<\/b><span style=\"font-weight: 400;\">: Buyers may offer more than a home\u2019s appraised value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rapidly rising prices<\/b><span style=\"font-weight: 400;\">: Appraisals rely on older sales data that may not reflect current market trends.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Unique upgrades<\/b><span style=\"font-weight: 400;\">: Custom features can make it difficult to find comparable homes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited recent sales nearby<\/b><span style=\"font-weight: 400;\">: Fewer sales mean less data for an accurate appraisal.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Emotional bidding<\/b><span style=\"font-weight: 400;\">: Buyers sometimes overpay when attached to a home.<\/span><\/li>\n<\/ul>\n<p><b><i>&gt;&gt;Read: <\/i><\/b><a href=\"https:\/\/www.redfin.com\/blog\/what-is-earnest-money\/\" data-wpel-link=\"exclude\"><b><i>Earnest Money: What Is It and How Much Should You Pay?<\/i><\/b><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">How does an appraisal gap work?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Imagine you\u2019ve found the home of your dreams and make an offer of $400,000, but the appraisal comes in at $380,000. Since your lender bases the loan amount on the appraised value, they\u2019ll only finance 80% of $380,000\u2014not the $400,000 you agreed to pay. This means you\u2019ll need to cover the $20,000 difference yourself or try to negotiate with the seller to lower the price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Appraisal gaps can create financial strain for buyers, especially if they haven\u2019t budgeted for this unexpected cost. If you\u2019re unable to make up the difference, you might lose the home or risk your earnest money if you\u2019ve waived certain protections.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if you are <\/span><a href=\"https:\/\/www.redfin.com\/blog\/sell-my-house-for-cash\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">paying all cash<\/span><\/a><span style=\"font-weight: 400;\"> or if the home appraises at or above your offer, you won\u2019t face an appraisal gap.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How the home appraisal process works<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Lenders order appraisals to ensure the property&#8217;s <\/span><a href=\"https:\/\/www.redfin.com\/definition\/fair-market-value\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">fair market value<\/span><\/a><span style=\"font-weight: 400;\"> supports the loan amount. If a home appraises at $380,000 on a $400,000 offer, the lender will only finance based on the $380,000 value, leaving the buyer to bridge the gap.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Appraisers determine this value by focusing on four primary categories:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Recent Comparable Sales (&#8220;<\/b><a href=\"https:\/\/www.redfin.com\/blog\/how-to-find-real-estate-comps-in-my-area\/\" data-wpel-link=\"exclude\"><b>comps<\/b><\/a><b>&#8220;)<\/b><span style=\"font-weight: 400;\">: Appraisers look at similar homes nearby that sold recently. They match size, age, and features to provide a data-backed estimate of what buyers are currently paying.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Property Features &amp; Condition<\/b><span style=\"font-weight: 400;\">: Key physical factors include square footage, layout, and the number of bedrooms\/bathrooms. Upgraded systems (HVAC, roof) and renovated kitchens or baths significantly boost value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Local Market Trends<\/b><span style=\"font-weight: 400;\">: Appraisers assess if the market is &#8220;hot&#8221; (homes selling quickly above asking) or &#8220;slow.&#8221; In a rapid market, appraisals may be higher; in a sluggish market, they tend to be more conservative.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Location &amp; Amenities<\/b><span style=\"font-weight: 400;\">: Proximity to high-rated schools, parks, and walkable shopping increases desirability. Conversely, being near industrial zones or heavy traffic can lower the appraisal.<\/span><\/li>\n<\/ol>\n<p><b><i>&gt;&gt;Read: <\/i><\/b><a href=\"https:\/\/www.redfin.com\/blog\/home-appraisal\/\" data-wpel-link=\"exclude\"><b><i>What is a Home Appraisal: How the Process Works<\/i><\/b><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Appraisal gap clauses explained<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When an appraisal comes in lower than the offer, these common clauses determine how the deal moves forward and how much financial risk the buyer assumes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Guarantee clause:<\/b><span style=\"font-weight: 400;\"> The buyer agrees to pay the full difference no matter how low the appraisal comes in. This makes offers stronger in competitive markets but increases buyer risk.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Contingency clause:<\/b><span style=\"font-weight: 400;\"> This protects the buyer by allowing them to back out or renegotiate if the appraisal is lower than the offer. It provides flexibility but may weaken the offer in a bidding war.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Gap coverage clause:<\/b><span style=\"font-weight: 400;\"> The buyer agrees to cover a portion of the appraisal gap up to a specified amount, making their offer more competitive without excessive risk. You and the seller should agree on the exact amount you\u2019ll cover\u2014or whether you\u2019ll split the difference\u2014and put it in writing.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What should you do when the appraisal is less than the offer?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Appraisal gaps don\u2019t have to be a deal-breaker. When you know what to expect and have a plan, you can keep things moving forward.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Be financially prepared<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If the appraisal comes in low, your lender will only finance the appraised value. If the seller won&#8217;t budge on price, you must pay the difference, on top of your down payment, to keep the deal alive.<\/span><\/p>\n<p><b>Ways to cover the financial gap<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cash reserves<\/b><span style=\"font-weight: 400;\">: Use extra savings set aside specifically for market volatility.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Gift funds<\/b><span style=\"font-weight: 400;\">: Ask family members for a financial gift to help bridge the difference.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Investment\/Retirement accounts<\/b><span style=\"font-weight: 400;\">: Sell stocks or look into penalty-free 401(k) withdrawals for first-time home purchases (consult a tax advisor first).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Home equity<\/b><span style=\"font-weight: 400;\">: If you own other property, consider a HELOC or <\/span><a href=\"http:\/\/rocketmortgage.com\/learn\/home-equity-loan-with-bad-credit\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">home equity loan<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><b>Know your protections<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>With a contingency<\/b><span style=\"font-weight: 400;\">: You can renegotiate or back out safely while keeping your earnest money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Without a contingency<\/b><span style=\"font-weight: 400;\">: If you&#8217;ve waived this right or signed a gap clause, walking away could mean losing your earnest money deposit.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Negotiate with the seller<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It could be worth trying to negotiate with the seller, especially in a balanced or buyer-friendly market where sellers may be more flexible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Kamal Mohammad of <\/span><a href=\"https:\/\/www.qualitypropertiescashbuyer.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Quality Properties Of Northwest Florida<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;The best way to bridge the gap between the appraised value and the offer is for the buyer to counter their first offer to the home&#8217;s appraised value. Since the buyer now has proof of the home&#8217;s current value, the seller will likely match the appraised value to close the gap.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the seller isn&#8217;t willing to drop the price entirely, consider these alternatives:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Split the difference<\/b><span style=\"font-weight: 400;\">: If the gap is $10,000, ask the seller to reduce the price by $5,000 while you cover the remaining $5,000.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Request concessions<\/b><span style=\"font-weight: 400;\">: Ask for <\/span><a href=\"http:\/\/rocketmortgage.com\/learn\/closing-costs\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">closing cost<\/span><\/a><span style=\"font-weight: 400;\"> credits to offset the extra cash you\u2019re bringing to the table.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Watch the clock<\/b><span style=\"font-weight: 400;\">: In a seller\u2019s market, act quickly. If the seller has a &#8220;kick-out clause,&#8221; they may move to another offer if you don&#8217;t resolve the contingency promptly.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Request a reconsideration of value (RVO)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If an appraisal is contested, buyers or sellers can ask their lender for a reconsideration of value. This requires a written request with better comparable sales or by identifying errors in the original report.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To successfully dispute the appraisal, you\u2019ll need strong evidence showing that the appraiser:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Used inappropriate comparable sales when better options exist<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Missed key features or upgrades in the home<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Made mistakes in the report<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conducted only a drive-by or exterior inspection<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While there&#8217;s no guarantee the appraised value will change, it\u2019s a worthwhile option\u2014especially if your agent can help pull together stronger data to support your case.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Use your appraisal contingency to exit the deal<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019ve included an appraisal contingency in your offer, you have an important safety net. If the appraisal comes in low and you can\u2019t reach an agreement with the seller, this clause allows you to back out of the deal without losing your earnest money.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before backing out, consult your attorney\u2014especially if your contract doesn\u2019t include an appraisal contingency, as you could risk losing your earnest money.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The bottom line<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Appraisal gaps happen when a home appraises for less than your offer, and you&#8217;re left to cover the difference. They&#8217;re especially common in competitive markets or with unique homes that are tough to compare. The good news? You have options.<\/span><span style=\"font-weight: 400;\"><br \/><\/span><\/p>\n<p><b>Talk to your <\/b><a href=\"https:\/\/www.redfin.com\/real-estate-agents\" data-wpel-link=\"exclude\"><b>Redfin agent<\/b><\/a><b> early in the process. <\/b><span style=\"font-weight: 400;\">They can tell you how often appraisal gaps happen in your area, what the typical gap looks like, and how to structure your offer with the right protections. A strong strategy upfront can save you stress later.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Appraisal gap FAQs<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">How do you cover an appraisal gap without cash?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re short on cash, you might renegotiate the purchase price, switch to a loan with a lower down payment to free up funds, or request <\/span><a href=\"https:\/\/www.redfin.com\/definition\/concession\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">seller concessions<\/span><\/a><span style=\"font-weight: 400;\">. In some cases, financial gifts from relatives or down payment assistance programs may help.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Do appraisal gaps affect refinancing?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. If your home appraises for less than expected when you <\/span><a href=\"http:\/\/rocketmortgage.com\/refinance\/get-started\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">refinance your mortgage<\/span><\/a><span style=\"font-weight: 400;\">, it could reduce how much you\u2019re eligible to borrow, limit your ability to cash out equity, or make it harder to remove <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-mortgage-insurance\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">mortgage insurance<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What\u2019s the difference between an appraisal gap clause and a waiver?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">An appraisal gap clause means the buyer will cover some or all of the difference if the appraisal is low. An appraisal waiver removes the appraisal contingency, requiring the buyer to proceed regardless of the appraised value.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What\u2019s the difference between appraisal gap coverage and an appraisal contingency?<\/span><\/h3>\n<h3><span style=\"font-weight: 400;\">Can you dispute a low appraisal?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Buyers or lenders can submit a reconsideration of value (RVO) if they deem the appraisal inaccurate. This requires new comparable sales, pointing out errors, or correcting overlooked features, but approval is not guaranteed.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Worried about an appraisal gap? Discover what it means, why it happens, and how buyers can bridge the gap without losing the deal.<\/p>\n","protected":false},"author":823,"featured_media":101657,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276],"tags":[34529,34617],"coauthors":[36437],"class_list":["post-101655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","tag-buying-faq","tag-home-buying-process"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Is an Appraisal Gap and How Does It Work? - Redfin<\/title>\n<meta name=\"description\" content=\"Learn what an appraisal gap is, why it happens in hot markets, and smart ways buyers can cover the difference or negotiate safely\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/what-is-an-appraisal-gap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is an Appraisal Gap? 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