Appraisal. The appraisal contingency. you want, have your agent go back to the buyer’s agent with a comparative market analysis and specifics about your home to show why it’s priced as it is,
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In essence, the appraisal contingency is an exit for a buyer. If a property is under contract for $600,000 and the appraisal comes in at $590,000, then the buyer has an option (in addition to other contingencies) to exit the deal. At this point, the seller has the option to cure the buyer’s objection by reducing the purchase price to $590,000.
When buying a home, there are seemingly hundreds of details to attend to, especially as a first-time homebuyer. says your Realtor might counsel you to shorten contingency time frames, or in some.
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An appraisal contingency can be part of cash purchases or conventional loan. With a VA or FHA loan, the appraisal contingency is automatically built-in to the financing contingency. However, with a conventional loan, it is a separate contingency. No matter which loan program you choose, the lender will require an appraisal as part of the loan in order to approve it. Lenders want to make sure that the house is actually worth what you’re paying for it.
We do not have a contingency for financing, although we will need. to declare you in breach of your contract and try to keep your earnest money deposit. What should you do? First, I would talk with.