I've been in deals where everyone acted like the appraisal was just a formality.

The buyer already knew what it would come in at. The seller wasn't worried. The agents were already talking about closing.

Then the report showed up... It wasn't a disaster. It wasn't outrageously low. It was just... lower than everyone had built into the deal.

You could almost feel the mood change. For a few minutes, everybody looked for someone to blame. Then the conversation shifted. Instead of arguing about what the property should be worth, we started talking about what it was actually worth - and what everyone was willing to do next.

The buyer adjusted. The seller adjusted. The lender explained the options. And, believe it or not, the deal still got done.

That was a big moment for me.

People talk about appraisals as if they're there to kill deals. I don't really see them that way. Sometimes they're just the first thing in the process that doesn't care what anyone was hoping for. They force everyone back to reality. And honestly, that's not always a bad place to start.

(Have you ever had an appraisal completely change a deal you thought was already heading for the closing table?)