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Mortgage/Appraisal Contingency

Started by NYNC
almost 13 years ago
Posts: 0
Member since: Aug 2013
Discussion about
I am close to signing a contract on a co-op. The mortgage contingency states that I must put down 25% if the bank requires it (rather than 20%). Without an additional appraisal contingency, does this mean if the appraisal came in low, I would be automatically required to put down the extra 5 percent. In other words, I would have no negotiating power with the seller to bring the price down and would in effect be filling in the gap between appraisal and accepted offer price? Thank you.
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