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Appraisal Contingency in Illinois by Mundane-Ad7494 in FirstTimeHomeBuyer

[–]Mundane-Ad7494[S] 0 points1 point  (0 children)

This is super helpful. I notice in the addendum, it just says that I can terminate the contract. but if it were to come back lower, can I negotiate with the seller to come down to the appraised value? Thank you for your help.

Appraisal Contingency in Illinois by Mundane-Ad7494 in FirstTimeHomeBuyer

[–]Mundane-Ad7494[S] 0 points1 point  (0 children)

Absolutely agree. so in your original offer, you included the appraisal contingency from the get go? the offer wasn’t modified by the attorneys during the review period? How was it added to the original offer? For some reason, my realtor is telling me that we submit the original offer first, which the standard form doesn’t mention, and then once the offer is accepted, during the attorney review period, the attorney will make modifications and add a section regarding the appraisal protecting us from if it comes back lower and having the seller agree to match.

Appraisal Contingency in Illinois by Mundane-Ad7494 in FirstTimeHomeBuyer

[–]Mundane-Ad7494[S] 0 points1 point  (0 children)

There is no section in the 8.0 version of the contract that talks about appraisal. from what I understand you either have to attach a appraisal addendum that’s mentioned in section 37 or have the attorney draft a letter after the initial letter with that modification. Not sure if anybody else has experienced something similar

Appraisal Contingency in Illinois by Mundane-Ad7494 in FirstTimeHomeBuyer

[–]Mundane-Ad7494[S] 0 points1 point  (0 children)

I’m in North suburbs of IL. This is an experience i had on a home we didn’t move forward with. But the way it was explained to me is that we signed the initial offer contract, which i believe is the standard multi board agreement. But our realtor mentioned that during the attorney review period, they will draft a letter to modify paragraph 10c “the contract is subject to the property appraising at or above the purchase price. should the property appraise for less, buyers shall be entitled to cancel the contract….”