What happens if the appraisal is low?

A low appraisal means the lender values the home below your contract price. This affects how much the lender will finance and can force a renegotiation.

What does a low appraisal change?

The lender bases the loan on the appraised value, not the purchase price, which creates a gap you must address.

What are my options if it comes in low?

You can renegotiate the price, bring in additional cash, challenge the appraisal, or walk away if you still have an appraisal contingency.

How often can appraisals be challenged?

It is possible but not common to succeed. Strong comparable sales data is required.

How does this affect timing?

It can delay closing while you negotiate or request a reconsideration.

Can I waive this risk upfront?

Yes, but that is risky. If you waive the appraisal contingency and the home appraises low, you may still have to cover the gap in cash to keep the loan alive. If you cannot do that, the lender may not fund the loan and the deal can fall apart, depending on the contract terms and whether the financing contingency is still active.