Contracts
In an Arizona purchase contract, if the appraisal comes in below the agreed purchase price, the buyer typically may:
AOnly proceed at the contract price
BCancel the contract and receive their earnest money back (under an appraisal contingency), renegotiate, or pay the difference in cash✓ Correct
CForce the seller to reduce the price to the appraised value
DExtend the closing date indefinitely
Explanation
If the property appraises below the contract price and there is an appraisal contingency, the buyer can cancel and recover their earnest money, renegotiate the price, or agree to pay the price difference above appraised value out of pocket.
Related Arizona Contracts Questions
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