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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 19491
Experience:  B.A.; M.B.A.; J.D.
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I am buying a house with NV Homes, it is a new construction

Customer Question

hi i am buying a house with NV Homes, it is a new construction the current contract does not have a appraisal contingency clause
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: VA
JA: Has any paperwork been filed?
Customer: yes, we have signed a contract but its not yet ratified
JA: Anything else you want the lawyer to know before I connect you?
Customer: I sent an email to the sales agent stating to add an appraisal contingency clause
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 11 months ago.

Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Expert:  Phillips Esq. replied 11 months ago.

I am sorry to read about your difficulties.

I have carefully reviewed your post. However, I did not see a specific question. What is your specific question?

Thank you for your cooperation,

Customer: replied 11 months ago.
Does new construction builders allow an appraisal contingency clause? If it's not ratified should I force them to include it? Is it normal for new constructions not to have them?
Expert:  Phillips Esq. replied 11 months ago.

Thank you for the information:

Does new construction builders allow an appraisal contingency clause?

Response 1: Yes. As a buyer, you must insist on this contingency because it is very crucial to the financing of the loan.

If it's not ratified should I force them to include it?

Response 2: Yes, because if the appraisal comes in below the amount of the loan, the lender would not go through the loan or would only finance to the amount of the appraisal and you would have to pay for the rest.

Is it normal for new constructions not to have them?

Response 3: No.

Customer: replied 11 months ago.
NVHomes is stating no new construction companies are putting them in the contracts? How can I force them to put it in now? I have signed but they have not had all of the necessary signatures to ratify it?
Expert:  Phillips Esq. replied 11 months ago.

If the contract has not been ratified, then you can give written notice that you are withdrawing from transaction unless the appraisal contingency is part of the contract.