Yes, the contract used the standard language included below. Our lender refused to lend us the total offered price because of appraisal. They will still lend us up to the appraised price. Thus, we asked our realtor to renegotiate to the approved price.
The other contingency clause with regard to inspection or opt out gave us 10 days from the date the contract went into effect to get inspection done and be able to opt out without losing our earnest money.
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