In this current buying frenzy we are seeing more and more appraisals come in below sales price.
Buyers are getting putting into situations were they need to offer their highest and best offer. This can sometimes be over the what the house is worth. Not an issue if you are paying cash but it is when you need financing.
This video will explain what I see happen during an appraisal below the sales price.
Options are limited but it is always worth a shot. I also go into some prevention measures. Please let me know if I can help you or anyone you know.
I do Mortgages for a living, if I can ever help you buy or refinance a home let me know!