One of my buyers asked a question recently, "if we get the condo appraised and the value of the condo is higher than what we agree to, can the seller pull out and ask for a higher price? Or does it only work in our favor?"
This was a good question, especially since appraisals can be a point of failure for many escrows. First of all, the seller does not see the appraisal unless the appraised price is lower than the agreed upon price. If the appraised price is higher than the contract price, then the buyer can consider it instant appreciation.In this buyer's case, the appraisal came in at the contract price so the escrow was able to proceed and closed on time.