Home Buying in 40245>Question Details

Mayur, Home Buyer in Louisville, KY

Whether email confirmation for Appraisal Contingency is valid if Seller is not including it in mail contract

Asked by Mayur, Louisville, KY Tue Apr 9, 2013

If Seller is not ready to include Appraisal contingency in the contract but instead saying he can give email confirmation. Whether this is valid

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Joel Lobb’s answer
Standard California Association of Realtor (C.A.R.) purchase contracts, by default, give a buyer 17 days to release an appraisal contingency. That time frame can be extended or shortened in the contract. At the end of that time, if the buyer has not signed a release of contingencies, the seller can cancel the contract, after delivering to the buyer a Request for Buyer to Perform, giving the buyer 24 to 72 hours, typically, to perform.
Buyers have options if a low appraisal was received.
0 votes Thank Flag Link Fri May 3, 2013
But short answer is that Yes email is considered fine to send "addendums" to contracts. But they still need to have the correct legal terms and signed.
0 votes Thank Flag Link Tue Apr 9, 2013
Not really sure I understand the question. You wrote a contract on a house without the appraisal contingency in there? The owners accepted it and mailed it to you? Now you want the appraisal contingency in there? If this isn't correct, let me know what exactly happened. This must all be by owners correct? Most ALL contracts have an appraisal contingency in there to check or not check.
0 votes Thank Flag Link Tue Apr 9, 2013
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