Radian Timely Topics: Appraisal Gap Options for Buyers and Sellers in a High-Demand Market
Today's purchase market is like one we have never seen. High demand and low inventory are driving purchase prices well above the list price. With this demand, buyers are paying more than the appraised value.
If an appraisal comes in lower than the purchase price do you know your borrower's options to bridge the gap between the purchase price and the appraised value?
This short video will review:
• Definitions of appraisal gap coverage and appraisal contingency
• Options available to buyers and sellers
• Scenarios that clearly define how an appraisal gap or appraisal contingency can work