Buyers agent can comp the property via MLS only resource used by Realtors and appraisers. A good agent can tell you if home is over valued prior you wasting your time

Good luck

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

Your agent will be able to guide you through this by using a standard addendum to your purchase contract that spells out the need for the property to appraise for the contract price to be able to close. An attorney would be able to provide you with the best wording to accomplish this and protect your best interests.

Good luck
The Eckler Team

Thanks to all of you who answered!

If you were financing it..the property would have to appraise to get financing. Contingent upon a licensed Wisconsin appraiser chosen by the buyer can be a part of your offer...good luck !

The appraisal contingency in a sales contract is not unusual but as a buyer
you should do your homework and base your offer on the properties you
have looked at in the neighborhood and not use the opinion of the
appraiser as a price buster. The appraisal is only as good as it's
credibility - it is not an exact science.

When your agent wrties an offer, include in the purchase agreement "sale is contigent upon an appraisal." It is very common to make sales contingent upon appraisal, wether a person is purchasing by way of mortgage or cash.