Oh man, this is every buyer's nightmare, especially when you're competing for homes in hot markets like Ballantyne or those beautiful neighborhoods in Waxhaw. But don't panic – it happens more often than you think, and there are ways to handle it without losing your dream home. First, let's understand what's happening. The appraiser's job is to determine what the house is actually worth based on recent sales of similar homes in the area. Sometimes in fast-moving markets like Fort Mill and Indian Land, sale prices are climbing faster than appraisers can keep up with

So you might offer $450K on a house in Weddington, but the appraiser says it's only worth $430K based on what sold three months ago. Your options depend on what you agreed to in your contract. If you included an appraisal contingency (and you should!), you can walk away and get your earnest money back. But let's say you love this house and don't want to start over. You can negotiate with the seller to lower the price to match the appraisal, or meet somewhere in the middle. Maybe they come down to $440K instead of $430K

In competitive markets like Marvin and Pineville, sellers sometimes prefer to work with you rather than start over with a new buyer who might face the same appraisal issue. If the seller won't budge and you've got the cash, you can make up the difference with a larger down payment. So using our example, you'd pay $430K with your mortgage and bring an extra $20K to closing to cover the gap. This isn't always possible, but it's an option if you've got the funds and really want the house. The key is having a good agent who can negotiate on your behalf and help you understand all your options

Don't make any hasty decisions – take a day to think it through and crunch the numbers.