Contracts
An Indiana purchase agreement that includes a 'subject to appraisal' contingency allows the buyer to:
ARenegotiate the price if the appraisal comes in above value
BTerminate or renegotiate if the property appraises below the purchase price✓ Correct
COrder a second appraisal automatically
DCancel only if the appraisal is more than 10% below the price
Explanation
An appraisal contingency protects the buyer if the property appraises below the agreed purchase price. The buyer may terminate the contract or attempt to renegotiate the price with the seller.
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