Columbus, OH asked in Real Estate Law for Ohio

Q: Does having Appraisal gap nullify appraisal contingency ?

Does having Appraisal gap nullify appraisal contingency ?

As a buyer, I have an appraisal contingency of walking out from the offer if the appraisal is less than contract price.

However, i also have an appraisal gap of bridging the cost upto a certain amount.

I have changed my mind and not pay the appraisal gap. Can i walk out of the contract based on appraisal contingency without loosing earnest money ?

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1 Lawyer Answer
Bruce Martin Broyles
Bruce Martin Broyles
  • Lancaster, OH
  • Licensed in Ohio

A: To be certain an attorney should review your purchase agreement. Most that I have seen allow you to terminate the contract if the appraisal comes in lower, but you usually have to notify the seller that you are terminating the contract within a specific amount of time

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