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what does Contingent on Appraisal mean?. Having a home appraised is an important part of the mortgage and home buying process. An appraisal contingency is important to have, as it is protection for you, the buyer, should the house not "appraise out" .. You need to look and read all of the.
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Releasing Loan contingency standard california association of Realtor purchase contracts, by default, give a buyer 21 days to release a loan contingency. That time frame can be shortened or run to the close of escrow in the contract. At the end of that time, if the buyer has not signed a release of contingencies, the seller can cancel the contract, after delivering to the buyer a Request for.
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If you are using the GCAAR contract and the contract includes a financing contingency, you will not be required to complete the purchase if the appraisal comes in low even if there is no appraisal contingency. In other words, the financing contingency has an appraisal contingency "built in" to it.
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.