A buyer in Pennsylvania asks their agent what happens if the appraisal comes in higher than the purchase price. Under the appraisal contingency in the PAR Agreement of Sale, which statement is correct?
Correct Answer
C) The appraisal contingency is satisfied and the purchase proceeds at the agreed contract price
When the appraisal comes in at or above the purchase price, the appraisal contingency is satisfied. The transaction proceeds at the original agreed-upon contract price. A higher appraisal does not change the contract price.
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