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You cannot waive the appraisal contingency if you are a VA buyer. The Department of Veterans Affairs requires buyers to keep both the appraisal contingency and escape clause in the contract. If the home appraises for less than the contract price, the VA will only back a loan for up to the appraised amount.

VA loans feature their own unique appraisal contingency known as the VA Amendment to Contract. Both buyer and seller must sign this key document. The Amendment to Contract contingency protects a VA buyer's earnest money if they walk away from a deal because the appraised value came in below the purchase price.

Appraisal contingencies protect buyers if the home they want to buy turns out to be worth less than what they offered to pay. Mortgage lenders will lend the lesser of the purchase price or the home's appraised value, along with allowable costs and fees. This kind of contingency is required for VA loans.

VA loans feature their own unique appraisal contingency known as the VA Amendment to Contract. Both buyer and seller must sign this key document. The Amendment to Contract contingency protects a VA buyer's earnest money if they walk away from a deal because the appraised value came in below the purchase price.

TO. REAL ESTATE PURCHASE CONTRACT. THIS IS AN ADDENDUM to that REAL ESTATE PURCHASE CONTRACT (the “REPC”) with an Offer Reference Date of , 20 , including all prior addenda and counteroffers, between as Buyer, and as Seller, regarding the Property located at .

If you aren't a qualified veteran, you'll need to qualify for the mortgage based on your financial situation. In either case, the lender will require paperwork from you that verifies your income, outstanding debts, and creditworthiness. The lender will determine your eligibility to assume the VA loan in question.

You cannot waive the appraisal contingency if you are a VA buyer. The Department of Veterans Affairs requires buyers to keep both the appraisal contingency and escape clause in the contract. If the home appraises for less than the contract price, the VA will only back a loan for up to the appraised amount.

Sellers Must Pay Certain Fees The loan program prohibits buyers from paying certain fees at closing. Typically, this will include the loan underwriting fee and the closing fee. Those fees don't go away. Instead, they become the seller's responsibility.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232