Quote:
Originally Posted by cyberphonics
@rjrcm Yep, I have an attorney and I think he'll be the one I'll just address these things to. My offer had a mortgage contingency but I want to be safe and make sure the language is pretty clear about what happens if the reason I don't get financing is specifically due to low appraisal so there's no question about what my rights are.
Right now, there's nothing like that in there.
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It would be impossible to cover every single situation and possible outcome in a contract. So, instead what we try to do is cover things in a more blanket manner. If your house doesn't appraise then you can't get financing. If you have a mortgage contingency written into your contract that covers what happens when you can't get financing. It's not important
why you didn't get financing. If you don't get it for any reason the contingency covers you and says what your rights/obligations are.
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