Buyers:
Before you push to “make the numbers work,” ask yourself three questions:

1. If this valuation came in higher, would I still do the same diligence?
2. If I had no sunk costs so far, would I still pay this price today?
3. What has to go right for me to be okay—and what happens if it doesn’t?

If you can’t answer those clearly, slow down. Renegotiate. Restructure. Or walk. A deal you can’t step away from is a deal that can own you.

Lenders:
Don’t just ask whether the deal closes—ask whether it survives. When the valuation comes in low, watch the borrower’s response. If the next conversation is about “fixing the valuation” instead of re-trading price, strengthening diligence, or tightening structure, that’s your signal. The best credit decisions aren’t the fastest—they’re the ones that still look smart 12 months after closing.