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Appraisal Contingency

Definition of term

An Appraisal Contingency is a clause often included in purchase contracts that stipulates that the buyer will only move forward with the home purchase if the property appraises for a specific value. If the appraisal is below the value, the buyer can renegotiate with the seller or walk away from the deal. Appraisal contingencies are essential because they protect buyers from overpaying for a home.

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