You found “the one” in Dublin, Powell, Westerville or maybe that perfect place in Upper Arlington or New Albany. You’re in contract, you’ve survived the inspection, and just when you start picturing furniture placement… the lender says, “We’re waiting on the appraisal.” This is the part of the process in Columbus that makes buyers the most nervous — so let’s demystify it.

1. What an Appraisal Actually Is (And Who It’s For)

In simple terms:

An appraisal is a professional opinion of value ordered by your lender, not by you, to make sure the home in Columbus, Powell, Dublin, Evans Farm, Westerville, Lewis Center, or Delaware is worth what you’re paying.

A few key points:

• The lender orders it from a third-party appraiser.

• The appraiser looks at recent nearby sales (comps), the condition of the home, upgrades, and the overall market.

• The goal isn’t to predict future value. It’s to answer one question today:

  “If the buyer defaults, can we reasonably get our money back?”

So while the inspection protects you, the appraisal primarily protects the bank. You benefit because it’s another sanity check on price.

2. How the Appraiser Decides What Your Home Is “Worth”

Appraisers in Central Ohio don’t just pull a number out of the air. They:

• Measure and confirm square footage, beds, baths, and layout

• Compare the property to recent similar sales in the area (Dublin vs. Worthington vs. Westerville can look very different)

• Adjust for things like:

  • Finished vs. unfinished basements

  • Updated kitchens and baths

  • Lot size, cul-de-sac vs. busy street

  • Age and condition of roof, HVAC, windows

In a neighborhood like Evans Farm or a newer Lewis Center build, they’ll look heavily at recent closed new construction. In older areas like Upper Arlington or parts of Delaware, they might have to do more adjustment because no two homes are exactly alike.

3. What Happens If the Appraisal Comes In at Value (or Higher)

Best case scenario:

• The appraised value is at or above your contract price.

• Your lender is happy.

• We move forward toward closing with one big hurdle cleared.

You don’t “have” to renegotiate if the appraisal comes in higher — that’s equity for you on day one. It’s more common in fast-moving pockets of Columbus, Powell, Dublin, and Westerville where prices have jumped faster than the closed sales can keep up.

4. What Happens If the Appraisal Comes In LOW (The Fun Part)

This is where everyone’s blood pressure spikes. Let’s say you’re in contract at $450,000 in Dublin… and the appraisal comes in at $435,000.

Now we’ve got a gap. You’ve got a few main options:

1. Renegotiate the Price

   • We go back to the seller and say, “The bank says it’s worth $435K, not $450K. We need to adjust.”

   • In some cases, the seller agrees to come down, especially if they want to keep the deal intact and there’s not a backup buyer lined up.

2. Meet in the Middle

   • Maybe the seller drops some, and you bring some extra cash.

   • Example: Seller drops to $442K, you bring $7K above what the bank will lend.

   • This happens a lot in competitive areas like New Albany, Upper Arlington, or certain hot streets in Westerville and Worthington.

3. Bring the Difference in Cash

   • You decide you love the home enough to cover the entire gap from your own funds.

   • Not for everyone, but sometimes worth it for a rare lot, a unicorn layout, or a dream location in Columbus, Powell, or Dublin.

4. Walk Away (If Your Contract Allows)

   • If we’ve kept an appraisal contingency in place and the seller won’t budge, you can usually cancel and get your earnest money back.

   • This is why contract strategy matters when we write the offer.

5. How I Help You Play the Appraisal Game Smart, Not Scared

Appraisals are part numbers, part art, and part negotiation. My job is to:

• Help you understand whether the contract price in Columbus, Dublin, Powell, Evans Farm, Westerville, Upper Arlington, New Albany, Lewis Center, Delaware, or Worthington is defensible from day one.

• Prepare you for possible scenarios before we write the offer — especially if we’re considering appraisal gap language.

• If it comes in low, help you:

  • Analyze the report (did the appraiser miss something important?)

  • Decide how much the home is worth to you, not just to the bank

  • Negotiate with the seller in a way that keeps doors open instead of blowing up the deal

An appraisal shouldn’t be a scary mystery. It’s just one more step we plan for, so you’re never blindsided.

If you’re thinking about buying and want someone to walk you through how appraisals, offers, and appraisal gaps really work in Central Ohio — not just in theory, but in actual day-to-day negotiations — that’s exactly where I come in.

[Contact Patrick Murphy, REALTOR® — Columbus, Powell & Dublin Expert]