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Discouraged

Have been searching for a new home for months now and am starting to feel like we'll never be able to move. We put an offer in on a house this weekend and did everything I had researched to make our offer competitive (no contingencies, waived inspection, $25K over ask, $10K appraisal gap). We lost to someone who offered $51K over ask with a $50K appraisal gap. (Asking price was $350K for context).

We simply don't have enough cash to cover such a large appraisal gap but this seems to be the norm in our area. Any advice? Should we just put the search on pause while we build up a larger cash reserve?

submitted by /u/OrangeBirdNerd
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/13pmqmh/discouraged/
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