First time home buyer question: our offer got chosen on a house - 7k over asking with a 5k appraisal guarantee. If the appraisal comes, say, 10k lower than our offer, how does that work? Do we pay the 5k and the seller is expected to come down 5k?

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Depends. You’ll have to re-negotiate the seller over that 5k. They may come down on price, or you may agree to pay more appraisal gap coverage, or a mix of both.

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This. In this market you may have to cover the gap. If you can’t come to an agreement the contract will terminate and you’ll receive your earnest deposit back since the contract only guarantees you’ll cover $5k over contract price.

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Yes your contract says to pay only 5k so you will pay that much only

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