Appraisal Contingency Addendum PDF Form
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People also ask appraisal gap examples
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How do you write an appraisal contingency clause?
xx's obligation to close this transaction is contingent upon Real Estate appraising at or above final 90 sales price of the Real Estate. xx has the right to obtain, at xx's expense, an independent appraisal performed by an appraiser licensed in Ohio.
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What is an example of an appraisal gap addendum?
Example: Purchase Price agreed to is $250,000, but Purchaser is concerned the Property will not appraise for that amount and is willing to accept an appraisal up to $25,000 under the Purchase Price. The Purchaser can utilize the Addendum and insert an Appraisal Minimum of $225,000.
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What are the risks of waiving mortgage contingency?
Be aware of the risks: Losing your deposit, facing higher costs due to a low appraisal, and legal complications are real risks that come with waiving a mortgage contingency. Prepare for different scenarios: Understand what could happen if the appraisal comes in low or if your financing falls through.
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Is it smart to waive appraisal contingency?
As a buyer, waiving any contingency sweetens your offer. The fewer conditions you put on the sale, the more confidence the seller can have that the deal will be completed.
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Is an appraisal contingency necessary?
Without an appraisal contingency: Without an appraisal contingency, your loan may be denied unless you increase your down payment amount. If you can't or don't want to bring more cash to closing, you will need to walk away from the sale, forfeiting your earnest money.
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Why would a seller want to waive the appraisal?
If you are the seller, then an offer with an appraisal waiver is a good thing. It means that if the buyer's lender appraises your house for less than the price agreed upon in the contract, then the buyer will make up the difference by putting more money down.
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What is an appraisal contingency addendum?
An appraisal contingency is a clause that allows home buyers to back out of an agreement if the appraisal value of the property is lower than the purchase price.
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Should you waive appraisal contingency?
One of the main benefits of waiving your appraisal contingency is that it can help reduce stress during home-buying. Appraisal contingencies protect buyers by giving them an out if the home they're interested in is worth less than the agreed-upon purchase price.
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