An appraisal waiver is an alternative to needing cash for an appraisal gap.
Today I’ll discuss what you can do to win a bid in this ultra-competitive market. In a competitive situation, you’ll often see offers with appraisal gap coverage. This means that the buyer is willing to pay the difference between the appraised price and the offer in cash.
I want to tell you about another way that you can accomplish the same goal without using as much cash. Certain lenders can give you an appraisal waiver on your pre-approval letter. This makes it so you don’t need an appraisal period. The difference is covered by your loan instead of needing cash.
I’ve used this technique on multiple occasions with buyers, and it works great. If you have any questions or want more information on how to put together an appraisal waiver, feel free to give me a call at 614-267-2223. I look forward to hearing from you.