So one of the contingency is appraisal. So maybe explain to our audience what is our appraisal contingency do for you about overpaying or not?
Yeah, so the contingencies are basically a safety net and there’s three common contingencies.
We can break those down a little, but there are going to be loan appraisal and property.
So all of these contingencies, it basically says, you know, first loan contingency, if I can’t get the loan, I get back out and keep my 2%.
If the property doesn’t appraise and we can’t renegotiate to that appraised value, we can back out and keep our 3%.
Right. And then lastly, with the property contingency, if we find something weird in the documents, we’re able to back out and keep our 3%.
Now, in the Bay Area, you know, 99% of the times we get the documents first.
So we’re we’re usually able to waive those as a buyer if we don’t see anything weird in the documents.
Now, the appraisal and the loan, those are up in the air right until we do the appraised.
