Here is what you need to know about appraisal gaps.

Appraisals are an important part of the home-buying process. You want to make sure you're getting a good deal on a property, and the appraisal is one way to do that.

But what happens when an appraisal comes back lower than you expected? What does it mean for your real estate deal? Here are some things to know about appraisal gaps:

Why appraisals come in lower than expected

Appraisal gaps can be caused by any number of factors, such as changes in the market or new construction. But they're often linked to simple human error — like missing a key piece of information when gathering data for the appraisal.

For example, if you don't provide the appraiser with all of the comparable sales data they need, they won't be able to come up with an accurate estimate of what your home is actually worth. They might also miss something that could affect the value — like a leaky roof or water damage — that would make your home less desirable.

https://www.youtube.com/watch?list=PL5YJ45sjwwyjWQRfScap-mmBmS_Luk7rE&v=4v0612xLcqA