What is an appraisal contingency in a home purchase and how does it affect the seller?
-
A
It allows the seller to cancel if they receive a higher offer
-
B
It lets the buyer exit or renegotiate if the home appraises below the agreed purchase price
-
C
It requires the seller to hire a licensed appraiser before listing
-
D
It protects the seller if the buyer's financing falls through