California, appraisal problems during holiday season

So we are in the first week of escrow, we are using the standard california CAR contract, with 30 day close of escrow. We have a 14 day inspection contingency, 17 day appraisal contingency and 21 day loan contingency.

So my lender (CIT bank) has been hinting that appraisal is going to take a while due to holiday season and busy appraisal market.

My question is what happens after 14 days has passed and there is no longer inspection contingency. Can you back out using appraisal/loan contingency if you haven’t actually gotten the appraisal yet? OR do you have to have an appraisal before 17 days or a loan denial by 21 days to use those contingencies? I am worried that we wont close in 30 days and then lose the earnest money deposit.

Are there any things i can do to get the appraisal faster (already offered to pay rush fee)?

submitted by /u/mmmonkeys
[link] [comments]

So we are in the first week of escrow, we are using the standard california CAR contract, with 30 day close of escrow. We have a 14 day inspection contingency, 17 day appraisal contingency and 21 day loan contingency. So my lender (CIT bank) has been hinting that appraisal is going to take a while due to holiday season and busy appraisal market. My question is what happens after 14 days has passed and there is no longer inspection contingency. Can you back out using appraisal/loan contingency if you haven’t actually gotten the appraisal yet? OR do you have to have an appraisal before 17 days or a loan denial by 21 days to use those contingencies? I am worried that we wont close in 30 days and then lose the earnest money deposit. Are there any things i can do to get the appraisal faster (already offered to pay rush fee)? submitted by /u/mmmonkeys [link] [comments]

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