Realtors · problem and fix
When the appraisal comes in low: what realtors can do on Mac in 2026
When the appraisal comes in low, the lender lends against the lower number. The gap between that number and the contract price has to be covered before closing, or the deal stalls. This page covers what the gap costs, why it happens, and the fixes you can use without buying anything.
The short answer
- A low appraisal means the loan is sized on the lower number, so someone must cover the gap.
- NAR's September 2026 Confidence Index reports 5% of contracts delayed by appraisal issues.
- Fannie Mae allows one borrower-initiated reconsideration of value per appraisal, with up to five new comps.
- Read the report, build a comp sheet, then send a specific request through your lender.
What low appraisals stalling contracts costs you
Time spent on a file that stalls
A low appraisal adds steps you did not plan for. You may need a call with the lender, a comp review, a revised offer, and a new closing date. Each step pushes other work back. Our sources give no measured figure for these hours, so track your own time on one deal and compare it with the next.
Cash or price the buyer must find
The gap is the difference between the contract price and the value the lender will lend against. Someone has to cover it. If the buyer waived the contingency, the buyer may have to bring that money. If the contingency is still in place, the parties may renegotiate the price. Each path changes who pays.
A deal that falls through
NAR's September 2026 Confidence Index reports that 5% of contracts were delayed by appraisal issues. A delay is not a loss, but a long delay gives a buyer time to walk away. The longer the file sits, the more room there is for a change of mind. Our sources do not measure how often delays end in cancellations.
Trust with the buyer and seller
A buyer who hears about a low appraisal late may feel misled. A seller who hears late may feel the offer was never real. Tell both the moment you read the number, with a plan attached. That keeps the conversation on options instead of blame.
Your reputation on the next deal
Clients remember how you handled a stall. A calm, documented response builds trust for the next listing. A disorganized one makes the next buyer ask harder questions. Keep a simple file on every low appraisal so you can show exactly what you did and when.
Why it happens
Comparable sales lag a fast market
Appraisers usually rely on closed sales from recent months. When prices rise quickly, those sales can trail the offers buyers are making today. The appraisal then reflects a market that has already moved on. Housing researchers have pointed to this lag, but the primary report was not available to us, so treat it as a common explanation rather than a measured one.
Adjustments that do not match the market
Appraisers adjust each comp for differences such as size, condition, lot, and features. A single small adjustment can look harmless. Several of them can push the value down quickly. Check whether each adjustment matches what buyers actually paid for that feature in your area.
Wrong or missing property details
Square footage, bedroom count, bathroom count, and the condition rating all feed the value. A wrong figure in the subject section can pull the number down. A missing upgrade, such as a new roof or a remodeled kitchen, can leave value unclaimed. Gather the paperwork before the appraiser visits.
Thin markets with few sales
Rural homes, unusual floor plans, and high-end properties can have few close comparables. The appraiser may reach farther away or pick sales that differ a lot from the subject. That makes the value easier to debate, and it makes a clear comp sheet more useful to you.
Appraiser bias and selection
Some researchers have raised concerns that appraisal values can reflect bias. Our sources did not confirm how large that effect is in any given market. Keep the argument on data, not on the appraiser as a person. Dates, addresses, and photos hold up better than suspicion.
How to fix it
These work with or without any app.
Read the report before you react
Read every page once without calling anyone. Note the lines that look wrong. Many low appraisals contain fixable errors rather than a verdict on the market. A short list of specific questions works better than an angry call.
Check each comp against the MLS
Confirm that each comp is a closed sale. Check the sale date, the price, the square footage, and the property type against your MLS or the county record. Drop any comp that does not match the subject home, and write down why you dropped it.
Build a comp sheet with price per square foot
Put each sale in one row. Calculate price per square foot with a formula, so anyone can check the math. Compare the subject home with the median of the comps. The sheet becomes the core of your request, so keep it clean and dated.
Mark the report in Preview
Open the PDF in Preview, turn on the Markup toolbar from the View menu, and highlight the lines you question. Add notes that say what the correct figure should be and where you found it. Save the marked copy under a new name so the original stays intact.
File a reconsideration of value with new comps
Use the one borrower-initiated ROV that Fannie Mae allows per appraisal. Name the unsupported area, add up to five new closed sales, and explain why each one supports the change. Send the request through the lender, not directly to the appraiser.
Show documented upgrades
A kitchen remodel with permits, a new roof with an invoice, or a finished basement with dated photos can matter if the appraiser missed it. Collect the paperwork now. Keep it in one folder with the report, and reference each item in your request.
Reset the price or split the gap
If the reconsidered value still falls short, the parties can talk about the price. A seller may lower the price, or the parties may split the difference. Use your comp sheet to show where the value sits. Neither side has to accept the first number on the report.
Read the contingency before you negotiate
The appraisal contingency sets your options. A buyer who keeps it may be able to renegotiate or walk away under the contract. A buyer who waived it has agreed to close. Read the exact clause before you talk price. A quick read now saves a bad call later.
What it means when the appraisal comes in low
An appraisal is a licensed appraiser's opinion of what the home is worth on a given date. Your buyer's lender uses that opinion to decide how much to lend. When the number lands below the contract price, the lender usually lends against the lower figure. Someone then has to cover the difference before the deal can close.
The difference can come from the buyer, the seller, or a new price. Sometimes the parties agree to split it. Sometimes the deal ends. You need to know which path your contract allows before the first phone call. Read the contract, then read the appraisal.
What a low appraisal costs you
Our sources do not give a dollar figure or a day count for a low appraisal. The numbers we could open do not measure those costs. Treat any number you see in a blog as unverified until you trace it to a primary source.
The clearest measure we could verify is how often it happens. NAR's September 2026 Confidence Index, released October 13, 2026, reports that 5% of contracts were delayed by appraisal issues. NAR describes that as similar to recent levels. Five percent sounds small until the deal is yours.
5%
of contracts delayed by appraisal issues, per NAR's September 2026 Confidence Index
NAR REALTORS Confidence Index report page18%
of buyers waived the appraisal contingency in September 2026, down from 22% the month before
NAR REALTORS Confidence Index report pageWaivers tell a second story. The same index reports that 18% of buyers waived the appraisal contingency in September 2026, down from 22% the month before. A buyer who waives the contingency has agreed to close even if the appraisal is low. That puts the difference on the buyer, in cash or in a price change negotiated later.
The costs most agents feel do not show up in a survey. A closing date slips. The buyer starts touring other homes. The seller starts asking whether the first offer was real. Your commission depends on the deal closing, so a stalled file costs you the hours and the income you planned around.
Why the comps matter more than the total gap
Do not start with the total gap. Start with the comps. Open the sales grid and read each comparable sale line by line. Ask three questions. Are these closed sales? Are they close in size, age, and location? Do the adjustments make sense for this house?
One bad comp can pull the whole value down. A sale from a different neighborhood, a home in worse condition, or a wrong square footage can move the number more than you expect. You do not win that argument with a feeling. You win it with a sale date, an address, and a photo.
The order to work in
- Read the appraisal report once without reacting. Note each line you question.
- Check every comp against the MLS or public records for its sale date and price.
- Build a comp sheet with price per square foot for each sale.
- Mark up the report, then send the lender a short, specific request.
- Decide on the gap only after the lender answers the request.
Reading the appraisal report in Preview
Most appraisal reports arrive as PDFs. Open the file in Preview. Choose View > Show Markup Toolbar to bring up the markup tools. Apple's Preview guide for macOS 27 covers comments, highlights, underlines, strikeouts, notes, and speech bubbles on a PDF.
Keep the marks factual. Highlight the comp address, the sale date, and the adjustment you question. Use a note to say what the data should show. Save the marked copy under a new name so the original report stays clean. Your lender needs the original too.
Building a comp sheet in Numbers or Google Sheets
A comp sheet keeps your argument in one place. Use one row per comparable sale. Use columns for address, sale date, sale price, square feet, bedrooms, bathrooms, condition, and the adjustment the appraiser made. Numbers can import an Excel or text file, so a spreadsheet you already have will open.
Calculate price per square foot with a formula, not by hand. In Google Sheets, put =C2/D2 in the first price per square foot cell, where column C holds the sale price and column D holds square feet. Copy the formula down. Then use =MEDIAN(E2:E6) to compare the sales with the subject home.
Numbers supports real-time collaboration, so a broker or lender can work on the same sheet. Check your brokerage rules before you share it. The sheet can hold client details, so remove names and loan numbers first. If you prefer the browser, see Google Sheets for realtors on Mac.
Filing a reconsideration of value
A reconsideration of value, or ROV, asks the appraiser to look at the report again with new information. Fannie Mae's rules allow one borrower-initiated ROV per appraisal. The request must name the unsupported or deficient areas. It must also explain why the new data supports a change.
You can attach up to five additional comparables. Send only closed sales you can document. A request with weak data uses up the one shot you get, and the lender still has to review it before it goes anywhere.
The lender runs the process, not you. Fannie Mae requires the lender to complete its own appraisal review before the ROV starts. The lender must check that the request is complete before it goes to the appraiser, and it must keep the outcome in the loan file. An ROV cannot be requested after the loan closes.
Timing needs a check. The Fannie Mae page we opened says the ROV disclosure is due when the report is delivered. A secondary summary says within three days of application. Those do not match. Check the current Selling Guide, or ask the lender's processor for the date, before you plan around it.
Questions to ask the lender before you file
Ask the processor which loan program the file uses and whether the lender requires its own review. Ask the date the reconsideration must go out. Ask whether the lender wants comps in a specific format. Ask what happens if the reconsidered value still comes in low.
Mistakes that stall the deal
- Waiting for the appraiser to explain the report. Read it first, then ask a specific question.
- Sending active listings or pending sales as comps. Use closed sales only.
- Treating an ROV as a negotiation. It is a data request, not a price talk.
- Going quiet with the buyer or seller. Tell both the moment you know the number.
- Pasting client details into a tool your brokerage has not approved.
Client data and the rules you follow
Realtors handle personal and financial details. Follow your brokerage and lender rules before you paste borrower information into any app, AI tools included. Remove names, loan numbers, and Social Security numbers from any sheet you share. If your employer has a policy, that policy comes first.
Where Lazur fits in
Lazur is a voice assistant for the Mac that lives in the notch. Hold ⌥ ⌘ to ask about anything on screen, and Lazur answers out loud. That helps when a dense report has a line you do not understand and you want a plain-English read before you call the lender.
Lazur does not click buttons, edit files, or operate other apps for you. When you ask how to do something, it guides you one click at a time and waits for each click. Hold fn to dictate text at the cursor, which works well for a call summary you need to send.
Lazur's research runs in its own Chrome tabs and comes back with a summary and a report. You can use it to gather recent closed sales near the address. Then check every sale against your MLS before it goes into a request. The summary is a starting point, not a source.
What to do after the lender answers
The lender's answer usually falls into one of three buckets. The value moves up enough to close. The value stays low, and the parties need a price or cash plan. Or the lender rejects the request, and you move to the gap conversation. Know which bucket you are in before you call the buyer.
Set a reminder for every date the lender gives you. Ask Lazur to add it to Apple Reminders so it shows up on time. Then write the decision in your file the same day, with the new value, the choice you made, and who agreed to it.
Faster with Lazur
Where Lazur helps with low appraisals stalling contracts
Hold ⌥ ⌘ and say what you want. Lazur sees your Gmail window. Lazur looks at your screen and answers out loud.
- 1
Hold ⌥⌘ and talk
- 2
Lazur looks at your screen and answers out loud.
- 3
You stay in Gmail. Nothing to copy into a chat window.
More things to say in Gmail
- “What does this adjustment line mean?”
- “Where is the gross living area on this report?”
- “Walk me through marking a comp in Preview.”
- “Hold fn and dictate the call summary for the lender.”
- “Draft a reconsideration request that lists three comps.”
- “Research recent closed sales within a mile of this address.”
Free for 3 days, then $18/month. Download for Mac
You say“What does this adjustment line mean on the sales grid?”
Lazur · explains what's on screenLazur reads the adjustment line on screen and explains it in plain English, out loud.
What realtors say to Lazur for this
Each one is a single hold of ⌥ ⌘.
“What does this adjustment line mean?”
Lazur reads the line on screen and explains it in plain English, out loud.
Explains what's on screen
“Where is the gross living area on this report?”
Lazur draws a circle and a label around the field you asked about, so you find it fast.
Points at it
“Walk me through marking a comp in Preview.”
Lazur guides you one click at a time and waits for each click before the next step.
Walks you through it
“Hold fn and dictate the call summary for the lender.”
Hold fn to dictate clean text at the cursor, in Gmail or any other app you have open.
Types what you say
“Draft a reconsideration request that lists three comps.”
Lazur drafts the request as text you can edit. You review it before anything goes out.
Drafts it
“Research recent closed sales within a mile of this address.”
Lazur runs the search in its own Chrome tabs and returns a summary and a report. Check each sale in your MLS first.
Researches in the background
“Remind me to call the processor on Thursday at 9.”
Lazur adds the reminder to Apple Reminders so the date shows up on time.
Handles the small stuff
A plan you can start this week
- Day 1
Read and mark the report
Open the appraisal in Preview. Turn on the Markup toolbar. Highlight the sales grid, the subject details, and every adjustment you question. Save a marked copy under a new name and keep the original untouched.
- Day 2
Build the comp sheet
Create one row per comp in Numbers or Google Sheets. Add a price per square foot formula. Add a notes column for distance, condition, and sale date, so you can explain each choice later.
- Day 3
Verify every comp
Check each sale against your MLS or the county record. Drop any comp that is not a closed sale or does not match the home. Keep a note of the record you used for each sale.
- Day 4
Call the lender and file
Ask the processor for the timeline and the format they want. Send the ROV request through the lender with the marked report, the sheet, and up to five new closed sales. Confirm the request was received in writing.
- Day 5
Decide on the gap
When the lender answers, compare the new value with the contract. Choose a price change, a seller concession, a buyer cash plan, or the exit terms in the contract. Put the decision in writing the same day.
Questions people ask
Can the buyer still close if the appraisal comes in low?
Yes, but the path depends on the contract and the loan. If the buyer kept the appraisal contingency, the buyer may be able to renegotiate or walk away under the contract terms. If the buyer waived it, the buyer has agreed to close and must cover the gap. Read the exact clause and ask the lender before you advise anyone.
Is a reconsideration of value the same as a second appraisal?
No. A reconsideration of value asks the lender to send your new information back to the appraiser for a second look at the same report. Fannie Mae's rules describe that process. Other loan programs may have different rules, so ask the lender what options your loan allows.
How many reconsideration requests can I file?
Fannie Mae's rules allow one borrower-initiated reconsideration of value per appraisal. Confirm the rules for your loan type with the lender, because other programs can differ from Fannie Mae's guidance.
How many new comparables can I send with the request?
Under Fannie Mae's ROV rules, you can add up to five additional comparables. Send only closed sales that you can document. Name the area of the report each comp supports, and explain why it changes the value.
Can I file a reconsideration after the loan closes?
No. Fannie Mae's rules do not allow an ROV request once the loan has closed. Plan your timing around the closing date, and ask the lender's processor for the last day the request can go in.
Can Lazur read the appraisal and tell me if it is wrong?
Lazur can answer out loud about what is on screen when you hold ⌥ ⌘, and it can explain a line in plain English. It cannot judge the appraisal for you, and it does not edit files. Check every figure against the MLS or county record yourself.
Is it safe to paste an appraisal into an AI tool?
Follow your brokerage and lender rules first. Remove names, loan numbers, and Social Security numbers before you share any page. For Lazur, audio and the screenshot go to AI providers to answer your question and are not stored. Content is never used to train AI models.
Sources
- REALTORS Confidence Index report page · National Association of REALTORS · checked 2026-11-07
- Appraisal Quality Matters (Selling Guide B4-1.3-12) · Fannie Mae · checked 2026-11-07
- Preview User Guide for Mac · Apple Support · checked 2026-11-07
- Numbers User Guide for Mac · Apple Support · checked 2026-11-07
Fix low appraisals stalling contracts with Lazur, free for 3 days
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