For a home purchase in California, we agreed to have a 14-day appraisal contingency. The appraisal took 20 days instead, and came $40K lower. Does the contingency still remain intact until removed in writing? Or because we could not have the appraisal report in 14-days we no longer have the right to negotiate the price
The appraisal contingency needs to be removed by the buyer. The seller can deliver a Notice to Perform if the date has passed and then cancel two days after if the buyer doesn’t cure the default. Otherwise, the contingency remains until the buyer removes it.
Time to negotiate the price based on the appraisal before you remove that contingency since it came in so low.
Real Estate agents are super valuable in this scenario and should explain this process to you and do the negotiating on your behalf. If you’re not using one, consider doing so next time.