What Every Homebuyer Needs to Know Before Signing a Contract When buying a home, one of the most important protections for a buyer is the bank appraisal contingency . This clause safeguards you if the home’s appraised value comes in lower than the agreed-upon contract price. Why does this matter? Because lenders base the loan amount on the lower of the contract price or the appraised value not the higher number. What Is a Bank Appraisal Contingency? A

Going under contract  on a home is an exciting milestone especially for first-time buyers. But what happens if something changes? Are you stuck , or do you still have options? Good news: Being “under contract” doesn’t always mean the deal is final. In many cases, buyers can  cancel as long as it’s done properly  and within the rules of the contract. Here’s what every first-time homebuyer in Queens and Long Island  should know: ✅ Your Contract Controls Everythin