Henri Gourd 914-954-3897 henrigourd@bhhsne.com HOW ELSE CAN I IMPROVE my offer? We have all heard stories about. offers made with few if any conditions. However if you need to borrow money, the lender may require an appraisal. In the past if the appraisal was less than the agreed upon sales price, the buyer had another chance to negotiate the offer so the bank would approve the loan. However in today's market with multiple bids, it usually means the deal will fall apart, even if the offer was greater than an all-cash offer without any contingencies. A recent tool to get around the low appraisal obstacle is called an appraisal gap guarantee. In essence it is a pledge by the buyer that if the appraisal is less than the agreed upon sales price the buyer will increase the cash component of the offer to the point where the bank will approve the loan. The appraisal gap guarantee caps the amount of additional funds the buyer is willing to contribute and the seller will likely ask for proof that the buyer has the additional money. The guarantee may also explicitly waive the right to back out if the transaction if the appraisal comes in low. It is always a good idea when crafting an offer to consider what it most impor- tant to the seller. Conditions can be just as important as price. Be sure to work with your Realtor to put your best foot forward. BERKSHIRE HATHAWAY Home Servi New England Properties Selling it all, from cottages to castles! Henri Gourd 914-954-3897 henrigourd@bhhsne.com HOW ELSE CAN I IMPROVE my offer ? We have all heard stories about . offers made with few if any conditions . However if you need to borrow money , the lender may require an appraisal . In the past if the appraisal was less than the agreed upon sales price , the buyer had another chance to negotiate the offer so the bank would approve the loan . However in today's market with multiple bids , it usually means the deal will fall apart , even if the offer was greater than an all - cash offer without any contingencies . A recent tool to get around the low appraisal obstacle is called an appraisal gap guarantee . In essence it is a pledge by the buyer that if the appraisal is less than the agreed upon sales price the buyer will increase the cash component of the offer to the point where the bank will approve the loan . The appraisal gap guarantee caps the amount of additional funds the buyer is willing to contribute and the seller will likely ask for proof that the buyer has the additional money . The guarantee may also explicitly waive the right to back out if the transaction if the appraisal comes in low . It is always a good idea when crafting an offer to consider what it most impor tant to the seller . Conditions can be just as important as price . Be sure to work with your Realtor to put your best foot forward . BERKSHIRE HATHAWAY Home Servi New England Properties Selling it all , from cottages to castles !