Sample of Appraisal Contingency Clause to be used for a Contract for Real Property. A contingency clause defines a condition or action that a real estate contract must meet to become binding. The contingency becomes part of a binding sales.
Long Beach California Appraisal Contingency Clauses: Contract for Real Property Related Searches
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Interesting Questions
Including an appraisal contingency is often wise, especially in a fluctuating market. It gives you peace of mind that you're not overcommitting.
The appraisal process typically takes a week or two, but this can vary based on local conditions and the workload of the appraiser.
Yes, sellers can contest a low appraisal. They might provide additional comps or evidence to show the home's true value.
In simple terms, an appraiser evaluates the property, considering its condition and location, and then provides a value that reflects its worth in the current market.
It's important because it protects buyers from overpaying for a home. If the appraisal comes in low, buyers can negotiate or walk away without losing their deposit.