At this point, we are probably 21 days or more into the contract from the binding agreement date and our appraisal contingency will be expiring.  We discussed the ins and outs of this in the Order Appraisal section of this buyers guide so by this point, we should have received the appraisal back and if for some reason the appraisal came in below the agreed upon purchase price, we would have worked out with the seller an acceptable agreement.  If not, this is your last chance to terminate the contract based only on the fact that the home did not appraise.  Once this deadline expires, that will no longer be an acceptable reason for termination of the contract.