The Real Estate Encyclopedia
What Happens If The Property Appraises Higher Than The Purchase Price?
Category - Home Buying Questions - General Home Buying FAQ's

If the property is appraised at a value which is higher than the agreed to purchase price, the difference is considered to be equity.  In other the words, the monetary interest the owner (in this case the buyer) retains in the property over and above the mortgage indebtedness. 

Mortgage Questions - Mortgage Loans FAQ's
Home Buying Questions - General Home Buying FAQ's
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