Written appraisal
The contingency calls for a written appraisal prepared by a licensed Florida appraiser—not an online estimate, broker price opinion or informal opinion.
Paragraph 19 · Addendum F
A low appraisal is only a contract exit when the contract actually says it is.
Addendum F creates a separate appraisal-to-value contingency. It establishes the appraisal deadline and minimum value, then explains what the buyer must deliver if the written appraisal comes in below that amount.
Interactive appraisal-gap estimator
Estimate the effect of a low appraisal.
Compare the purchase price with the appraised value and estimate how a lender’s loan-to-value limit could change the buyer’s cash requirement if the price remains unchanged.
Estimated impact
Appraisal shortfall—
Planned loan estimate—
Value-based loan estimate—
Estimated additional cash—
This tool estimates collateral-related cash impact only. It does not determine contract rights or include closing costs, reserves, mortgage insurance, program limits or underwriting adjustments.
What Addendum F does
It creates a standalone appraisal-to-value contingency.
The rider requires the buyer to obtain, at the buyer’s expense, a written appraisal from a licensed Florida appraiser by the negotiated date. It also states the minimum acceptable value. If that amount is left blank, the rider uses the purchase price.
If the appraisal is below the stated value, the buyer must timely provide the appraisal and written notice electing either to terminate or to waive this particular contingency and continue with the contract.
Six moving parts
The protection depends on the completed rider and the buyer’s performance.
The date, value and delivery requirements deserve as much attention as the final appraisal number.
Buyer’s expense
The buyer pays for the appraisal under the rider, even when a lender orders or coordinates the appraisal as part of the loan process.
Appraisal deadline
The parties may insert a date. If the date is left blank, the current rider sets the deadline no later than ten days before closing.
Required value
The parties may insert a protected value. If that blank is not completed, the current rider uses the contract purchase price.
Copy plus notice
When value is below the threshold, the buyer must provide the seller with the appraisal and a written election within the rider’s delivery window.
Waiver by inaction
Failing to obtain the appraisal or deliver a timely termination election waives Addendum F, although separate Paragraph 8 financing rights may remain if applicable.
Delivery window3days after the appraisal date
The deadline people misread
The notice clock is tied to the rider’s appraisal date.
If the appraisal is below the protected value, the current rider requires the buyer to deliver a copy of the appraisal and the written election within three days after the appraisal date stated in the rider.
That wording is not simply “three days after the buyer receives the report.” A delayed appraisal does not automatically move the contractual deadline. Calendar calculations and valid delivery should be confirmed from the complete contract, including Paragraph 18.
A crucial distinction
Addendum F and Paragraph 8 protect against different risks.
They may both involve an appraisal, but they ask different contractual questions.
Did the property reach the agreed value?
The rider compares the written appraisal with the specific value selected by the parties. A timely low appraisal can give the buyer a direct choice to terminate or waive the contingency, even in a cash transaction.
Is the appraisal sufficient for the lender?
The financing provision focuses on whether the appraisal or alternative valuation is satisfactory and sufficient for the lender to provide the agreed financing. A low appraisal may not defeat financing when the buyer has enough cash or the lender can still approve the loan.
Before relying on the contingency
Plan the appraisal around the contract—not the lender’s convenience.
The parties should know who is tracking the date and what must be delivered if the value is low.
Buyer review
- Confirm the inserted appraisal deadline and minimum value before signing.
- Order and pay for the appraisal early enough to receive a written report before the deadline.
- Do not assume the lender, appraiser or loan officer is tracking Addendum F.
- If value is low, send both the appraisal and the written election through a contract-approved delivery method.
- Decide whether to terminate, renegotiate or fund an appraisal gap before the notice window expires.
- Keep Paragraph 8 financing deadlines separate from the Addendum F deadline.
Seller preparation
- Review the protected value and appraisal date when evaluating the offer.
- Provide reasonable access and utilities so the appraisal can occur on schedule.
- Remember that a low appraisal does not automatically amend the purchase price.
- Ask for the written report and election required by the rider.
- Evaluate any price-reduction request against market evidence and the buyer’s ability to bridge the gap.
- Document an agreed price, credit or other change in a signed written amendment.
“Every financed Florida contract automatically protects the purchase price.”
Common misconception
Lender approval is not the same as an appraisal-to-price contingency.
Paragraph 8 may protect financing when the appraisal is insufficient for the lender, but it does not necessarily create a right to cancel merely because the appraisal is below the purchase price. A buyer making a substantial down payment may still qualify for the loan.
Addendum F is the separate rider that directly compares appraised value with the amount negotiated by the parties. Missing its deadline can remove that protection even when everyone agrees the appraisal was low.