What is an Appraisal Contingency?

by steph matarazzo

AuthorSteph Matarazzo.  Date:

Appraisal contingencies are put in place to protect the buyer from making a bad deal unknowingly. This provision allows the buyer to walk away from the contract if the appraisal, the decided value, of the home comes back lower than the agreed upon sale price. This appraisal gets performed during the mortgage underwriting process.

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