TL;DR:<\/strong><\/p>\n Visit RealtorMaine<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n A low appraisal creates what\u2019s called an appraisal gap: the difference between the contract price you agreed to and the value a licensed appraiser assigns to the property. That gap matters because a low appraisal directly limits the loan amount<\/a> your lender is willing to provide, regardless of what you and the seller agreed to pay.<\/p>\n Not every valuation method produces the same number. Different valuation types can produce different results because automated valuation models, desktop reviews, and full inspection appraisals rely on different comps and different levels of detail, and the lender decides which one it uses for underwriting.<\/p>\n A few things commonly drag a Maine appraisal below contract price:<\/p>\n An appraiser\u2019s number is an opinion of value, not a fact, reached under the Uniform Standards of Professional Appraisal Practice. Lenders also run their own quality control steps on appraisals before they fund a loan, which is part of why the process can feel slow even after a value comes in as expected.<\/p>\n Once the appraisal comes back low, both sides have workable paths forward. Buyers can negotiate a lower price, split the gap, bring extra cash, or exercise an appraisal contingency to walk away cleanly if none of those work.<\/p>\n Learn more about closing cost ranges for Maine buyers and sellers<\/a> if bringing extra cash to the table is on the table, since that figure stacks on top of whatever gap money you contribute.<\/p>\n A Reconsideration of Value, or ROV, is a borrower-initiated request asking the lender to review an appraisal that seems inaccurate or incomplete. Fannie Mae\u2019s guidance formalizes this process<\/a> and generally allows borrowers one ROV request per appraisal, with lenders required to let borrowers submit supporting evidence.<\/p>\n Evidence that actually moves the needle includes:<\/p>\n When a lender receives an ROV request, it has a few options: ask the original appraiser to correct the issue, order a desk or field review, or commission a new appraisal entirely<\/a>. Any replacement appraisal has to be documented with a reason for ordering it. The lender, not the Maine licensing board, controls whether a value actually changes. Maine\u2019s appraisal board can investigate licensing or ethics complaints<\/a> but it cannot order a new value, so an ROV through the lender is the practical route.<\/p>\n Pro Tip:<\/strong> Submit your ROV evidence as soon as you get the appraisal report. Most lenders won\u2019t pause your closing timeline to wait for a slow rebuttal.<\/em><\/p>\n A good agent treats a low appraisal as a project with a deadline, not a dead end. The first move is assembling a rebuttal package built around 3 to 5 recent comparable sales that match the subject property on square footage, lot size, age, and condition, ideally sales the appraiser didn\u2019t already consider.<\/p>\n From there, the checklist typically includes:<\/p>\n Pro Tip:<\/strong> Ask your agent to request the comps the appraiser actually used. If none of them closed in the last 90 days, that\u2019s a reasonable basis for a rebuttal.<\/em><\/p>\n A solid pre-appraisal preparation checklist<\/a> can also help sellers head off some of these issues before the appraiser ever walks through the door.<\/p>\n Once the low appraisal lands, speed matters more than perfection. Work through these steps roughly in order:<\/p>\n\n
\nTable of Contents<\/h2>\n
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What a low appraisal actually means and why it happens<\/h2>\n
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Realistic options for buyers and sellers after a low appraisal<\/h2>\n
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How Reconsideration of Value and appraisal challenges work<\/h2>\n
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Agent playbook: fighting or mitigating a low appraisal<\/h2>\n
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Step-by-step checklist to keep the sale moving<\/h2>\n
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