Appraisal / Loan Contingency

Your lender will order an appraisal of the property after escrow has been opened and you complete your loan application. When your appraisal contingency is due, your lender will let you know if the property has appraised at value or if it has come just below value, in which you will be responsible for bridging the gap between what the property appraised for and the amount you’re purchasing the property. The loan contingency is tied to the appraisal and once we have the value of the home, the lender will then proceed to approve you for the loan and to officially move forward towards closing escrow. This is the last set of the contingencies that will allow you to back out and cancel the deal.