What is Appraisal Gap Coverage

What is appraisal gap coverage and why do you need to know about it during this hot market in the Portland area.

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 most likely go with the one with the gap coverage.⁣ This ensures the seller that if the home appraises low, the deal will hold together as long as the gap coverage and the appraised value equal the offered price.

Have hopes of buying this year 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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Having an agent that focuses on fiduciary vs functionary representation is a game changer in buying real estate. ~ Anne Stewart

Helping home Buyers in the following counties: Multnomah, Washington, Clackamas, Yamhill and Marion

Realtor License 200012088

Anne Stewart – Principal Broker/Oregon Licensed ABR, GRI, CRS, e-PRO
Stewart Real Estate Group

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Buyer Focused — Buyer Results

Anne Stewart-Principal Broker, operates an elite team of real estate professionals designed to focus on Buyer Representation

Resulting in superior customer care and exemplary client services.  

Moving to Portland and need to get acclimated?  Want to see a home that checks all the boxes?  Our level of Buyer Agency and Buyer Representation is what you need in a real estate professional!  We help you navigate the home buying process step-by-step with care, attention to detail and professionalism that is not easily found in the real estate industry.

The Stewart Real Estate Group at eXp Realty LLC are a team of experts in buyer representation.  And that’s what you want!

We are here to represent your best interests in the purchase of real estate.  Relocation, Residential, new construction, Land/Lots, condos/townhomes, Move up/Move down,

Since 2001, our team has over six decades of combined experience.  Have a real estate agent whose real estate practice has PROVEN RESULTS!

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