You’ve found the home of your dreams, and so far, things are going smoothly. The seller’s accepted your offer and your mortgage lender has pre-approved your loan. What could possibly go wrong?
In a word, the appraisal.
Appraisal contingencies protect the buyer when the value of the home doesn’t line up with the sale price. To ensure that the buyer (and lender) is paying a fair amount for the home, buyers insert an appraisal contingency, which allows the buyer, in a worse case scenario, the ability to walk away from the purchase without the penalty of losing their earnest money, if the appraisal returns a value lower than a set value (usually the purchase price).
Aside from walking away, the buyer can renegotiate for a lower price with the seller, request that their lender make an exception, and approve their loan as if the property had appraised to match the purchase price or make up the difference between the purchase price and appraised value via their own funds.
However, buyers must be cautious and include this in the contract to avoid problems at a later stage.
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