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The document is an Appraisal Contingency Addendum to an Agreement of Sale, primarily used by members of the Pennsylvania Association of REALTORS®. It outlines that the sale is contingent upon the property being appraised at a value acceptable to the underwriter, with specific terms for appraisal selection and actions to be taken if the appraisal does not meet agreed conditions. The buyer has a defined contingency period to either accept the property or terminate the agreement based on the appraisal results.

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What is the appraisal contingency addendum?

What is an appraisal contingency addendum? An addendum is a separate form that, once signed by the buyer and seller, becomes part of the sales contract. Appraisal contingency addendums are state-specific and allow buyers to move forward with their purchase under certain agreed-upon conditions.

Should I add an appraisal contingency?

If you are financing your home, an appraisal contingency is strongly recommended to protect yourself from a low appraisal. With it, you can walk away from the contract with your earnest money deposit or use it as a bargaining tool.

How does appraisal gap coverage work?

In the appraisal gap coverage clause, you and the seller must agree on how much you're willing to pay above the appraised value and if you want the difference split. Agree on as much as possible, putting it in writing before signing the contract to prevent stress and unnecessary renegotiations after the appraisal.

What is a home appraisal contingency?

In California, a home appraisal contingency says that if the house appraises for less than the purchase price, the home buyer can back out of the deal. More importantly, this kind of clause allows the buyer to back out without sacrificing their earnest money deposit.

What is an appraisal contingency clause?

An appraisal contingency clause is a condition built into a real estate contract that gives the buyer the right to walk away from the transaction if the appraised value of the property is lower than the agreed-upon purchase price.

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.

How do you write a contingency clause?

A contingency clause often states that your offer to buy property is contingent upon X,Y, & Z. For example, the contingency clause may state, \u201cThe buyer's obligation to purchase the real property is contingent upon the property appraising for a price at or above the contract purchase price.\u201d

What is an appraisal contingency clause?

Is appraisal gap a good idea?

Appraisal gap clauses can help strengthen your offer in a bidding war. It gives the seller an extra level of confidence that the deal won't fall through because of a low appraisal. And it can protect you, the buyer, from having to renegotiate the purchase price or lose out to another bidder.

How do you word an 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.

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