Contracts
A purchase contract for an Oregon property is 'conditional on the property appraising at or above the purchase price.' If the appraisal comes in below the purchase price, the buyer may:
AOnly proceed at the appraised value, which becomes the new purchase price
BTerminate the contract and receive a refund of earnest money (if the contingency is not removed)✓ Correct
CForce the seller to reduce the price to the appraised value
DChallenge the appraiser's methodology through OREA
Explanation
An appraisal contingency protects the buyer if the property doesn't appraise at or above the purchase price. The buyer may terminate the contract and receive their earnest money back.
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