Property Valuation
What is an 'appraisal gap' in a Nevada real estate transaction?
AA gap between the appraisal date and the closing date
BWhen the appraised value comes in below the purchase price — the buyer may need to make up the difference in cash or renegotiate the price✓ Correct
CA difference between the appraiser's value and the assessor's value
DThe time period for which the appraisal is valid
Explanation
An appraisal gap occurs when the home appraises for less than the agreed purchase price. The lender will only lend based on the appraised value. The buyer must either make up the difference in cash, renegotiate a lower price, or cancel the contract if the appraisal contingency is in place.
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