Financing Contingency vs. Appraisal Contingency

The question about what happens when an appraisal comes in lower than contract price comes up often. Sellers do not have to sell the property to the buyer at a lower appraisal price. This article from Florida Realtors, written by Joel Maxson is Associate General Counsel for Florida Realtors, sums up this issue quite well:

“If a contract includes both a financing contingency and appraisal contingency, where does one end and the other begin? There‚Äôs substantial overlap in the two contingencies, but they have very different rules.”

Posted on July 6, 2020 at 5:26 pm
Michelle L. Anderson | Category: Home Buying, Selling Your Home | Tagged ,

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