Contracts
A Connecticut purchase agreement includes an appraisal contingency. If the property appraises for less than the purchase price, the buyer may:
AOnly proceed if the seller reduces the price
BRenegotiate the price, pay the difference in cash, or exit the contract and recover the deposit✓ Correct
CDemand the seller repair the property
DRequire the lender to appraise again
Explanation
An appraisal contingency allows the buyer to renegotiate if the property appraises below the purchase price. Options include renegotiating, paying the gap in cash, or exercising the contingency to void the contract and recover the deposit.
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