# Appraisal

> An independent estimate of the home's value, ordered by your lender, to make sure the home is worth at least what it's lending. A licensed appraiser visits the home and compares it with recent sales nearby.

By David Knorr, founder of BuyWise Home. Last reviewed October 28, 2026. Web page: https://www.buywisehome.com/guide/glossary/appraisal

## Why it matters to you

The lender lends against the appraised value, not your offer. If the appraisal comes in low, you'll need to cover the difference or renegotiate: that's an [appraisal gap](https://www.buywisehome.com/guide/glossary/appraisal-gap).

## Related

- [Step 5: Make an offer](https://www.buywisehome.com/guide/make-an-offer)
- [Step 8: Close and move in](https://www.buywisehome.com/guide/close-and-move-in)
- [Appraisal gap](https://www.buywisehome.com/guide/glossary/appraisal-gap): When the appraisal comes in below your offer. You cover the difference or renegotiate.
- [Comparable sales](https://www.buywisehome.com/guide/glossary/comparable-sales): Recent sales of similar homes nearby: the evidence for a fair price.
- [Contingency](https://www.buywisehome.com/guide/glossary/contingency): A condition that lets you back out without losing your deposit.

_General information based on the standard Georgia REALTORS® purchase contract and public guidance. Your own contract decides: read it, and ask your agent or closing attorney about anything that matters. Not legal or financial advice._