Hi Marie,
The answers given are good advice, but the best advice is to have an agent working for you and not the seller. A good buyers agent will cost you nothing and could save you thousands.
A properly written appraisal contingency looks like this:
"Buyer's obligation to conclude this transaction is conditioned upon Buyer obtaining, at Buyer's expense, a written, current appraisal from an independent, certified appraiser stating a value for the property not less than $_______________. If Buyer, within_______days of acceptance of this offer, provides seller a copy of an appraisal stating a lesser value, this offer shall be null and void; otherwise, this contingency shall be deemed fulfilled."
If you have further questions, don't hesitate to ask.
Good luck!
Jeff Gramins
ABR, e-PRO, CSS
First Weber Group
262.206.7290
jgramins@firstweber.com - Thu Sep 10 2009, 19:42