Appraisal Gaps & Best Offers
Hello, I’m wondering which offer would be considered the strongest in Chicago’s competitive market.
The property is a 3-unit multifamily building listed at $650,000, and the CMA supports the listing price as market value. Which of the following offers would be most attractive to the seller?
- Option A: Offer $675,000 with a full appraisal gap guarantee, provided the property appraises for at least the $650,000 listing price.
- Option B: Offer $690,000 with an appraisal gap coverage capped at $15,000.
- Option C: Offer $690,000 with no appraisal gap coverage.
In a highly competitive Chicago market, which option is likely to be viewed as the strongest offer from the seller's perspective?