Checklist Tags


These are the checklists related to Contract Deadline: Appraisal Objection Deadline.

These tasks are when you're under contract to buy the property and related to the Appraisal Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to object if the Appraisal you had done does not support your Purchase Price.

If this happens, it is important to discuss your options with your Real Estate Broker. Options may include: terminating your contract, negotiating with Seller to make up all or part of the difference (which may or not happen) or, you making up the difference and continuing with the purchase.

We typically use "MEC + 27 Days" as the date for the Appraisal Objection Deadline.

https://RealEstateFinancialPlanner.com/appraisal-objection-deadline/

When you click on the task, you can also see the tags that task is filed under. You can also click on the tag to see other tasks with that tag.

  1. Complete "Appraisal Objection Deadline" checklist
  2. Review Appraisal
    When you get the Appraisal from the Lender, review it. If you have questions, discuss it with the Lender and/or your Real Estate Broker.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  3. IF NOT OBJECTING TO APPRAISAL: Continue with purchase
    If the property appraised for at least the Purchase Price or you will make up the difference between what it appraised for and the Purchase Price, you can ignore this deadline and continue with the purchase.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  4. IF OBJECTING TO APPRAISAL: REAL ESTATE BROKER: Prepare "Appraised Value Objection Notice"
    If the property appraised for less than Purchase Price and you want to object to the Appraisal, ask your Real Estate Broker to prepare an "Appraised Value Objection Notice" to protect your Earnest Money.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  5. IF OBJECTING TO APPRAISAL: Sign "Appraised Value Objection Notice" via DocuSign
    If the property appraised for less than Purchase Price and you want to object to the Appraisal sign the "Appraised Value Objection Notice" via DocuSign before the Appraisal Objection Deadline to protect your Earnest Money.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  6. IF OBJECTING TO APPRAISAL: Save "Appraised Value Objection Notice" to Dropbox
    Once you sign the "Appraised Value Objection Notice" via DocuSign save a copy to your property folder in Dropbox.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  7. IF TERMINATING BASED ON APPRAISAL: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If the property appraised for less than Purchase Price and you want to terminate based on Appraisal, ask your Real Estate Broker to prepare a "Notice To Terminate" and "Earnest Money Release" before the Appraisal Objection Deadline to protect your Earnest Money.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  8. IF TERMINATING BASED ON APPRAISAL: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If the property appraised for less than Purchase Price and you want to terminate based on Appraisal sign the "Notice To Terminate" and "Earnest Money Release" via DocuSign before the Appraisal Objection Deadline to protect your Earnest Money.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  9. IF TERMINATING BASED ON APPRAISAL: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you sign the "Notice To Terminate" and "Earnest Money Release" via DocuSign save a copy of them to your property folder in Dropbox. Once you get them back signed from the Seller, replace your copies with the fully executed copies in your property folder in Dropbox.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13