Question 1

What is an appraisal gap?

Accepted Answer

An “appraisal gap” occurs when there’s a difference between the home’s sale price and the appraised value. Learn what to do if the appraisal is lower than the sale price.

Question 2

How much does an appraisal cost?

Accepted Answer

The average cost of a single-family home appraisal is around $350 — but can be higher for homes that are older, complex, have multiple units, or are larger than average. Home appraisal prices can also vary geographically and can be pricier in big cities. Learn more about appraisal costs, timelines, and who pays.

Question 3

How long is an appraisal good for?

Accepted Answer

In general, a home appraisal is valid for 30 days to six months. Appraisals on newly constructed homes will usually be accepted for longer than appraisals on an existing home. And in a very busy market, an appraisal may expire after just one month. Learn more about how appraisals work.

Question 4

What is an appraisal contingency?

Accepted Answer

An appraisal contingency allows the buyer (and their lender, if they have one) to make sure a home is worth the purchase price. If a home does not appraise for the purchase price, the appraisal contingency allows for the buyer to pull out of the deal without penalty. Learn more about appraisal contingencies.

Topic: Home Value

Read This BEFORE Waiving Your Appraisal Contingency

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