Episode 10: Appraisal Contingency State of Real(i)ty

This episode covers the appraisal contingency, which is common when the buyer is getting a loan to purchase a property. The appraisal contingency allows the lender to appraise the home and provide an appraised value to the buyer.  If the appraised value is lower than the contract price, the buyer has the right to ask the seller to lower the price to the appraised value. This difference can be negotiated and split between the seller and the buyer. But the buyer has the right to terminate the contract and get their earnest money back if the seller refuses to pay the entire amount. Thanks for listening.
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