Definition
Appraisal Gap
The difference between contract price and appraised value. The buyer must cover it in cash, renegotiate, or exercise a contingency.
Nearby terms
Appraisal
An independent opinion of a property's market value, prepared by a licensed appraiser and required by nearly every lender.
Appraisal Contingency
A contract clause allowing the buyer to renegotiate or withdraw if the property appraises below the contract price.
Assumable Mortgage
A loan a qualified buyer can take over on its existing terms.
Balloon Payment
A large lump sum due at the end of a loan term that was not fully amortized over that term.
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