Appraisal Gap Clause When Buying a Home - Is it Good or Bad?

[@ranckrealestate]

We have been seeing more and more offers made that include an appraisal gap clause. There are some things you need to know before making or accepting an offer with an appraisal gap clause.

[@kylemellick756]

I liked this video - I need advice. I am selling my houes and this clause is in " All parties agrees that if the appraised price is below Sales price, buyer is willing to gap in the amount to not exceed $10,000. The amount is added to the appraised price to not exceed the Sales Price of $605,000. " - My realtor is saying I must sell the houes for 585 now given this clause. And if I do not then I am going to in breach of contract. Is this true?

[@daveranck1]

It may or may not be true. Check with a real estate attorney. Realtors cannot give legal advice.