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If you’re thinking of buying a home in today’s market, you need to be prepared for the possibility of an appraisal gap.

So what is an appraisal gap?

An appraisal gap is when a home’s appraised value is lower than the purchase price the buyer has offered to pay. Appraisal gaps are becoming increasingly common in competitive markets like what buyers are facing today—and they can seriously complicate matters if you aren’t prepared.