Appraisal Contingency Addendum PDF Form
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People also ask appraisal gap clause
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What is appraisal contingency addendum?
What is an appraisal contingency addendum? An addendum is a separate form that, once signed by the buyer and seller, becomes part of the sales contract. Appraisal contingency addendums are state-specific and allow buyers to move forward with their purchase under certain agreed-upon conditions. -
What are examples of appraisal gaps?
An example of an appraisal gap is if you want to purchase a property that is on sale for $300,000 and you offer $325,000 with a 5% down payment, as a means of standing out from the crowd. After your offer is accepted, the appraisal comes back at $305,000. -
What is an appraisal gap addendum?
“An appraisal gap coverage clause is custom wording in the purchase contract that says you will pay the difference between the appraised value and the contract price, up to a certain amount.” -
How do you write an appraisal gap in a contract?
Appraisal/ Gap Financing In the event, the appraised value comes in below Purchase Price, then Buyer agrees to pay up to $__________ over appraised value not to exceed the purchase price. Any such cash differential shall be applied to Buyers`required Cash at Closing. -
What is an example of an appraisal contingency?
As an appraisal contingency example, if you agree to buy a home for $200,000, but the appraised value comes in at only $190,000, the lender will not give you a loan for the property unless you cover the difference. -
What is an example of an appraisal gap addendum?
Here's an example of an appraisal gap clause: "Buyer and seller agree that if the appraised value comes back lower than the purchase price, buyer agrees to pay up to $20,000 above appraised value, but not exceeding the purchase price." Appraisal gap clauses can help strengthen your offer in a bidding war. -
How do you write an appraisal contingency clause?
This Purchase Contract is subject to and conditioned upon the Property's qualifying as sufficient collateral for all loans. The appraised value of the Property must be equal to or greater than the Purchase Price. Buyer shall remove this contingency in ance with the terms of Paragraph 12.
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