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   What is an appraisal contingency?

   • An appraisal contingency is a clause included in a real estate purchase contract that allows the buyer to walk away from the deal and retain their earnest money, or renegotiate if the appraisal on a home comes back below the agreed-upon purchase price. It protects the buyer from being contractually obligated to overpay for a property.

   Appraisal Contingency: What Is It & Do I Need It? - Zillow

   www.zillow.com/learn/appraisal-contingency/

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   Should I add an appraisal contingency clause to my purchase contract?

   • The whole point of an appraisal contingency clause is to protect homebuyers and lenders from paying more than they should for a home. Deciding to add one to your purchase contract will also give you the upper hand in negotiations, saving you money if the price of a home has been appraised below market value.

   What to Know About Appraisal Contingencies and Requirements

   www.penfed.org/mortgage/article/all-you-need-to-know-about-appraisal-contingencies

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   What should I do with an appraisal contingency?

   • With an appraisal contingency: With an appraisal contingency in place, you have a few options. First, you can simply walk away from the deal, earnest money in hand. Or, you can work with the seller to renegotiate the purchase price to more accurately reflect the appraised value.

   Appraisal Contingency: What Is It & Do I Need It? - Zillow

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   Should appraisal contingencies be waived?

   • Although appraisal contingencies are common in real estate purchases, they may be waived from time to time. For example, it may be a good idea to waive the contingency in certain situations such as when “a buyer who wants their offer to appear stronger when compared to other offers,” said Knaub.

   An Appraisal Contingency: What Is it and How It Works | Ownerly

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   What is an appraisal contingency addendum?

   • An appraisal contingency addendum is often included in purchase contracts when buyers are getting a loan to buy their house. In addition to this type of contingency, there are several others that are commonly used as well. Some of the most common types of contingencies to consider are: Financing contingency.

   What Is An Appraisal Contingency? – Forbes Advisor

   www.forbes.com/advisor/mortgages/what-is-an-appraisal-contingency/

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   Should an appraisal contingency be included in an offer letter?

   • An appraisal contingency isn’t required for an offer letter. There are instances where it makes sense to include the appraisal contingency and others where it’s strategic to waive the clause. Here are some examples of situations where waiving appraisal contingencies seems logical.

   What Is An Appraisal Contingency And When Should I Use It?

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2. www.rocketmortgage.com › learn › appraisal-contingencyWhat Is An Appraisal Contingency And When Should I Use It?

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   Jul 19, 2024 · An appraisal contingency clause can help protect your finances when you find your dream home and want to make an offer. If the home appraises for less than the agreed-upon sale price, the appraisal contingency lets you ask the seller to lower the price or walk away from the sale.

3. www.zillow.com › learn › appraisal-contingencyAppraisal Contingency: What Is It & Do I Need It? - Zillow

   www.zillow.com › learn › appraisal-contingency

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   Jan 4, 2024 · An appraisal contingency is a clause included in a real estate purchase contract that allows the buyer to walk away from the deal and retain their earnest money, or renegotiate if the appraisal on a home comes back below the agreed-upon purchase price.

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     Waiving Appraisal Contingency - First-Time Homebuyer Tips

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5. www.forbes.com › what-is-an-appraisal-contingencyWhat Is An Appraisal Contingency? – Forbes Advisor

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   Sep 1, 2020 · An appraisal contingency clause is a provision included in purchase contracts that allows homebuyers to back out of their contract if a home is appraised for less than the purchase price included...

6. www.rate.com › resources › appraisal-contingencyAppraisal Contingency: What It Is & Why It's Important | Rate

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   Appraisal contingencies protect the buyer when the value of the home doesn’t line up with the sale price. Building an appraisal contingency clause into your purchase offer ensures your future mortgage payments accurately reflect your home’s true value.

   • Author: Jeff Keleher

7. www.ownerly.com › real-estate › appraisal-contingencyAn Appraisal Contingency: What Is it and How It Works - Ownerly

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   One type of contingency in home buying and selling is the appraisal contingency. Learn what an appraisal contingency in a real estate contract means, whether you can waive it and what to expect.

8. www.penfed.org › mortgage › articleWhat to Know About Appraisal Contingencies and Requirements

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   Oct 17, 2023 · An appraisal contingency clause is a condition built into a real estate contract that provides a buyer with the right to walk away from a transaction if the appraised value of the home is lower than the agreed-upon purchase price.

9. realadvisor.com › learn › appraisal-contingencyAppraisal Contingency - The Comprehensive Guide - RealAdvisor

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   Nov 28, 2022 · An appraisal contingency is a legal setup to protect you financially while making an offer on a home. It helps you make a better choice. This guide will explain what is an appraisal contingency and its importance during the home-buying process.