Should you waive appraisal contingency when buying a home to make your offer look more attractive? What does it mean to remove appraisal contingency? What is a contingency when buying a house? In this video, Huntington Beach Realtor, Jeb Smith discusses what a contingency is in more detail and why you may be putting yourself at risk by removing the appraisal contingency upfront.
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What is a real estate appraisal? An appraisal is an appraisers opinion on the value of that piece of real estate. An appraisal is an unbiased estimate of the fair market value of what a home is worth at the time the appraisal is completed.
What is a contingency when buying a house? Contingencies are conditions that must be met in order for a home sale to be finalized. They are also “walk away” clauses in the contract. If a contingency can’t be met, then you can use that contingency to back out of the contract without risk of losing your earnest money.
What does it mean to remove appraisal contingency? It means that if the appraisal lower than purchase price that you can’t use that contingency to back out of the contract. You are saying you will still move forward with a low appraisal.
What are the 6 contingencies on the purchase agreement when buying a home in California?
✅Review of HOA docs contingency
✅Review of Seller Disclosures contingency
✅Review of the Prelim (title report) contingency
I hope you appreciate this housing market 2020 update as well as the update on the California housing market when buying a home from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2020 forecast and the housing market 2020 california? After watching this video, do you believe you buyers should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2020 or real estate bubble will happen? If so, why? What are your thoughts on the huntington beach real estate market and the potential real estate crash for orange county real estate?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
Coldwell Banker Realty
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