Appraisal and Finance Contingency

[Rogermae]

What is the name of your state (only U.S. law)? DC

What does this mean?

[JETX]

Originally Posted by Rogermae

What does this mean?

this
–pronoun
1. (used to indicate a person, thing, idea, state, event, time, remark, etc., as present, near, just mentioned or pointed out, supposed to be understood, or by way of emphasis): This is my coat.
2. (used to indicate one of two or more persons, things, etc., referring to the one nearer in place, time, or thought; opposed to that): This is Liza and that is Amy.
3. (used to indicate one of two or more persons, things, etc., implying a contrast or contradistinction; opposed to that): I'd take that instead of this.
4. what is about to follow: Now hear this! Watch this!

–adjective
5. (used to indicate a person, place, thing, or degree as present, near, just indicated or mentioned, or as well-known or characteristic): These people are my friends. This problem has worried me for a long time.
6. (used to indicate the nearer in time, place, or thought of two persons, things, etc.; opposed to that).
7. (used to imply mere contradistinction; opposed to that).
8. (used in place of an indefinite article for emphasis): I was walking down the street when I heard this explosion.

–adverb
9. (used with adjectives and adverbs of quantity or extent) to the extent or degree indicated: this far; this softly.

—Idiom
10. with this, following this; hereupon: With this, he threw down his glass and left the table.

[HomeGuru]

You Rock JETX.

[FlyingRon]

Now seriously folks.

An appraisal contingency is a clause that may occur in the contract that specifies what happens if an appraisal yields certain results.

A financing contingency is one that specifies what happens if financing can't be obtained under certain terms.

Usually it's the option to rescind the contract.

However, the words mean NOTHING by themselves. You have to work at the way the specific contingencies are worded. Typically they have time limits or other terms.

If you're buying a house, you'd be well advised to spend a couple of hundred on a lawyer to review and explain all the aspects of the contract.

[Rogermae]

Thanks, I'm the seller and this is what I'm seeing on the e-mailed proposals, in the exact format, I'm getting from the buyers' agents

[HomeGuru]

Originally Posted by Rogermae

Thanks, I'm the seller and this is what I'm seeing on the e-mailed proposals, in the exact format, I'm getting from the buyers' agents

**A: if that's all it says then you best throw those email proposals in the fireplace.

[FlyingRon]

Tell them to send you the offer in the form of a signed contract. Then have your lawyer review them before you sign. It's up to you to decide what contingencies you wish to accept given the current market conditions and other aspects of the offer. Frankly, I wouldn't accept an appraisal contingency unless I was desperate. The financing contingency is less onerous (and it embodies in itself the salient appraisal).

[Rogermae]

Thanks so much.