Talking about appraisals and how buyers can prepare for downsides in the event appraisal comes in lower than the trade price. Having a mortgage contingency allows a buyer to back out of the deal if buyer doesn't get a specified loan amount (from low appraisal).
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About:
Wei Min Tan is a Manhattan, New York property broker focusing on global investors of Manhattan condominiums. Wei Min has been interviewed by CNBC, CNN, Wall Street Journal and New York Times on the Manhattan property market. Wei Min can be reached at tan@castle-avenue.com
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