The appraisal shall be a “certified apprai sal” of the Property (as that term is defined in O.C.G.A. An appraisal contingency isn’t required for an offer letter. Contingencies are clauses in a contract that give either the buyer or seller a way to get out of the contract if certain conditions or timelines aren’t met. So, in this case, if they offered $415,000 and it came back at $400,000, they are guaranteeing they will pay at least $405,000. :{:������=��Z��x����!���+�sԐQGhn�8�>8���n+�"#�u*��y`�L�(���t�\�:&U���K�{shȇ��v�U Seller must supply a copy of the highest bona fide offer.”. %%EOF H���yTSw�oɞ����c [���5la�QIBH�ADED���2�mtFOE�.�c��}���0��8�׎�8G�Ng�����9�w���߽��� �'����0 �֠�J��b� Home Buyers Reveal: 'What I Wish I Had Known Before Buying My First Home', Selling Your Home? J:��*�)�P��%��85���(?3ϴ����t� ]Qx��f7ڈ1�"���1� 7�g�w�}�⥃��`����Hj��Gf�)�>%rd�b"hH���:�E�:\*S��\;r� �y��)ύU(�8B�T�"�Jǻ�#>�\�_|\J��'~d�j���j�{N���=|�*׉�Hxp��GT�J����+���m�_��� �Np�O܋���� ��� A commonly used example is that of a buyer making an … When Not Using An Appraisal Contingency Makes Sense. A contingent offer on a home includes a clause that protects the buyer and makes it easier to back out of the deal without financial penalty in certain circumstances. An inspection contingency (or due diligence contingency) gives the buyer … That much is clear. Waiving the appraisal contingency can be a risky move in a multiple offer situation. %PDF-1.6 %���� Sample Mortgage Contingency Clause: The following is an example of a mortgage contingency clause that you may find in a purchase contract. Winter’s Home-Buying Game Has Changed. �� ����o��HC0��H�Se��d�g;�_���r�e�OP��4�Rc�g��5G��6I�LJ��D��X{(� ��f�����!��M�>�#=7l,7s�L�� 0 3. �V��)g�B�0�i�W��8#�8wթ��8_�٥ʨQ����Q�j@�&�A)/��g�>'K�� �t�;\�� ӥ$պF�ZUn����(4T�%)뫔�0C&�����Z��i���8��bx��E���B�;�����P���ӓ̹�A�om?�W= N'��)�].�u�J�r� A home sale contingency is one type of clause frequently included in a real estate sales contract or an offer to purchase real estate. While waiving a contingency clause could certainly help in this case, it's important not to do so lightly. endstream endobj 16 0 obj <>stream |G��c�;c" I�4B�@���0JF�3�Q�Q�Q��Q�V�.���Boh�!�"�w 7�ח*�i�g����~XG�|�e�I3�5{�_�Rv This … Depending on your situation, it may make sense to add additional clauses to the agreement. Some examples: You don’t have to stick with the standard contingency clauses. Appraisal. This site is protected by reCAPTCHA and the, Sorry, we were unable to share this article. �4E#NDz`�4�P���&ɦ�E�8ÐH1���GM�k= ���i�w��NJ^Y��d[��OD�m�-x����T� ���G�!3r�G���%،�M�w(���[>�kW���&tO�'-ʭ)��3 VR2�� ����uR7�D?�{��'+�bݶ���U�++C� Cw(٨���� e,��X���A�r���S>�e�I��i��2f�|�aD�>Mf�05L�owh� MDo�/�pL�j�.l�q�3�Ѝ�48��,ԺY>�r�\���C-$K�u�꼱W��d��z'��gm{��������[���`�f�F�*Y��� �$ The form says if the lender reduces the amount of the loan, the buyer covers the difference between the loan and the sales price.Your client may be interested in selecting this box if she … has the cash to make up any difference between the loan offer and the sales price, and 1. X�4� ^�N;Pr��e��v 3. h޴W�R�8}�y�������vQ������$��n��L"o;v�vh�O1��G���a�^�����Ցtϑ"|ƙh0�v�ř�7�e2˶�%���e1�A��|��a&o��e�����H�>rk���� W�Ùm2��8[0��=��{�l3a��a�Ŝjv�����R8̆�N]�c1�r���D���;j7w�HF�?�ǿ ۥv�x���x�b��m'���������9z�hW�ї�}Ǽ�[�2g���� љ(2���"sTv{p� Once you find a home and make an offer, you hope everything will go smoothly; but in case it doesn’t, you have a contingency clause in place that allows you to back out of the contract without losing money. If they are doing a VA or FHA loan you should include an FHA/VA Addendum and that addendum includes an appraisal contingency. An appraisal contingency clause in a real estate contract allows the buyer to cancel the contract if the property appraisal is not high enough. In a residential purchase agreement, contingency statements are added to the contract for the buyer's protection. 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