Can someone explain to me an appraisal contingency and how and when to use it?
A realtor friend of mine explained it to me, but it went completely over my head as I’m in the planning stages of buying a home. Thank you!
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Don’t quote me on this but the way it was explained to me was the sale of the home was dependent on whether it appraised equal or more than the loan amount being landed. For example if a house was up up for 100k, the amount being landed at 20% down would be 80k. If the house appraises for that amount or more the contingency is lifted.
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