Contracts
An Ohio buyer submits an offer that is contingent on the property appraising at or above the purchase price. If the appraisal comes in lower, the buyer may:
AForce the seller to lower the price to the appraised value
BCancel the contract and recover earnest money under the appraisal contingency✓ Correct
CRequest the appraiser redo the appraisal at no cost
DAutomatically extend the closing date for 30 days
Explanation
An appraisal contingency protects the buyer — if the property appraises below the purchase price, the buyer can negotiate, pay the difference, or cancel and recover their earnest money.
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