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How long is a typical appraisal contingency?

HOW LONG IS A NORMAL APPRAISAL CONTINGENCY? Typically, we recommend 21 days for an appraisal contingency for conventional loans \u2013 as mentioned above, for FHA and VA loans, automatically build this contingency into the financing contingency. The timeline can be shorter if your lender is able to do a rush order.

Is it smart to waive appraisal contingency?

Waiving an appraisal contingency can be a smart tactic for standing out in a competitive seller's market. Doing so could eliminate a seller's fear that the deal might fall through if the property isn't appraised for the initial asking price.

Should you include the appraisal contingency?

You should only consider waiving 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.

Is a drive by appraisal better?

"A drive-by appraisal won't be as accurate as a traditional appraisal because they don't have all the information in front of them to make an accurate assessment of the value," says Bodungen.

What happens if appraisal is lower than offer?

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 \u2014 more on that later.

What does no appraisal rider mean?

You're Buying in Cash Having no appraisal contingency as a cash buyer means you believe the home is worth the purchase price. Cash buyers can skip the appraisal and the contingency since they're not reliant on a loan. In 2022, a year with a high level of cash buyers, 28% of buyers waived their appraisal contingency.

What happens during appraisal contingency?

A contingency is a condition that needs to be met before an offer can proceed. In other words, it's kind of like a safety net. 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.

Should I waive the appraisal contingency?

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.

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