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Form 22AA Appraisal Addendum Rev. 2/17 Page 1 of 1 Copyright 2017 Northwest Multiple Listing Service ALL RIGHTS RESERVED APPRAISAL ADDENDUM TO PURCHASE & SALE AGREEMENT The following is part of.

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Ribbon's Appraisal Protection guarantees your contract price up to our Ribbon Max Value. If the home appraises for a lower value than the contract price, Ribbon will make up the difference for no additional fee. This provides the seller with peace of mind since a low appraisal won't derail the closing.

You should only consider waiving the appraisal contingency if you've talked with your real estate agent and feel strongly that you'll need to waive it to get your offer accepted or it's very unlikely for the appraisal to come in low.

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 conditions they agree to.

An appraisal waiver allows qualified home buyers to skip the in-person appraisal process when buying a home. Instead, lenders use data generated by an automated underwriting system to determine the value of the home based on the information it has collected from other recent home sales in the buyers' area.

An appraisal contingency protects the buyer and is used to ensure a property is valued at a minimum, specified amount. If the property does not appraise for at least the specified amount, the contract can be terminated, and in many cases, the earnest money is refunded to the buyer.

If you are financing your home, an appraisal contingency is strongly recommended to protect yourself from a low appraisal. ... On the other hand, without the appraisal contingency, a seller could be more likely to accept your offer over others if you're able to pay cash or put down a large down payment.

Waiver. Under the Third-Party Financing Addendum, the buyer has the right to terminate if a low appraisal does not satisfy the lender's underwriting requirements for the property.

Without an appraisal contingency, if you can't complete the deal because of a low appraisal, you'll be in breach of contract and could lose your earnest money deposit.

Low appraisal If the home appraises at a lower rate than the buyer's offer, and the seller won't reduce the price of the home, the buyer can ask for the earnest money back.

Getty. 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 in the contract.

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© Copyright 1997-2025
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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