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Appraisal Terminology

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Appraisal: What an appraiser says a home is worth. This value is based on how much comparable homes recently sold for in the neighborhood.

Appraisal contingency: Very important protection for the buyer! This is how you make sure that the property is actually valued at the price that was agreed-upon per the contract. If the property ends up appraising for less than the agreed-upon amount, the contract can be terminated.

Appraisal gap coverage: The difference between the contract price which covers an agreed-upon difference between the purchase price and appraised value. This is often used to accommodate appraised values that aren’t able to keep up with fair market value.

Call me today to get your home appraised.



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