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APPRAISAL / VALUATION TIMING WAIVER Borrowers Name & Current Address: Lenders Name & Address Michigan Mutual, Inc. Suite 210 100 Galleria Officentre Southfield, MI 48034 Loan Number Date:.

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An appraisal contingency clause notifies the seller that your purchase offer is only good if the appraiser's home value matches or exceeds the amount you have agreed to pay.

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.

Therefore, an appraisal contingency means that if your home doesn't appraise for the amount you've agreed to pay, you can walk away from the deal with your deposit. An appraisal determines the fair market value of the home you'd like to buy.

Yes, as the originator of the loan, a correspondent lender may receive an ACE appraisal waiver offer. However, the Seller that delivers the loan to Freddie Mac will determine whether the origination of a correspondent loan without a traditional appraisal meets Freddie Mac's eligibility requirements.

Appraisal is lower than the offer: If the home appraises for less than the agreed-upon sale price, the lender won't approve the loan. In this situation, buyers and sellers need to come to a mutually beneficial solution that will hold the deal together — more on that later.

A desktop appraisal is a property valuation that is completed at the appraiser's desk, using tax records and information listed on the Multiple Listing Service (MLS), instead of through an in-person survey of the property.

Value acceptance (appraisal waivers) are Fannie Mae's offer to accept the lender-submitted value (with no appraisal requirement) for eligible transactions.

The seller can then demand that the difference be paid by you, the buyer. If you don't have the extra cash and there is no appraisal contingency, you are in breach of contract and can lose your earnest money deposit.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
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