I wanted to seek clarification on offering over the asking price for a house.
Let’s say a house is listed for 350. I offer 400 with 10% down conventional. I do not waive the appraisal contingency. For the sake of simplicity, I also do not offer an appraisal guarantee.
Would the appraisal contingency be for the listed of 350 or for the 400? If the home appraised for 350, am I saying I’ll pay the extra 50 k as a lump sum at closing (along with the original closing costs/etc)
In other words, is anything I’m offering over expected to be paid at closing (granted the appraisal comes back at asking?)?
I apologize for the noob question. Hope it makes sense. Thank you.