Earnest money appraisal contingency

Earnest money appraisal contingency

Posted: Leonid Brovkin Date of post: 07.07.2017

I am currently building a home that is nearing completion. I'm curious what happens if it doesn't appraise. My contract includes a standard Appraised Value Contingency which starts with the following "Notwithstanding any other terms of this contract, What exactly does this mean? Does it mean that it "overrides" any other terms of the contract?

So in other words, "regardless of any other terms in the contract"?

earnest money appraisal contingency

My second question is that the section of the Appraisal contingency referring to return of earnest money if buyer cancels upon a low appraisal says "earnest money shall be returned subject to terms and conditions contained in this contract". If another part of the contract says that the deposit is non-refundable, does the "notwithstanding" verbiage in the appraisal contingency override this?

If the house doesn't appraise, and he doesn't lower the price, can he keep my earnest money? Basically forcing me into paying more than the house is worth? Your email alert settings have been saved.

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Highest rated Recent Oldest. Denise GrayAgent, Wichita, KS. Wed Dec 17, Your question is best answered by an attorney. But do consider this.

Most Builders will not start a home without having some idea if a property will appraise. Also did you obtain construction financing or did the Builder?

Unless this project is being done with all cash the bank should have required an appraisal be done off of plans and specs. If the Builder is carrying the construction loan you might ask if he has had one done already. They are not obligated to give you this but it could put your mind at ease to inquire. CamHome Buyer, Kansas. Tue Dec 9, Thanks for your responses. I guess I was just hoping someone could tell me what "notwithstanding" meant.

I didn't expect legal advice.

Contingency Clauses In Home Purchase Contracts | Investopedia

This is just more out of curiousity than anything. Bill EcklerAgent, Venice, FL. Cam, The best source for the answers you are earnest money appraisal contingency managed forex forex accounts an attorney.

Our recommendation is to contact an attorney for thier opinion. Katie WolfAgent, Manhattan, KS. It's always best to consult an attorney if the terms of the contract need to be explained. Appraisal contingency and missed closing date. Does this affect the Earnest money.? Can seller keep Earnest Money if buyer backs out due to low appraisal with 5 day financing contingency? Be the first to answer.

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