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Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 26702
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I am the executor of an estate. I hired a private appraiser

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I am the executor of an estate. I hired a private appraiser to give me - day of death- value on the land, house and shop. This was in October 2012. I got the proposal and used it as the base for the sale.

The property is in escrow. To close 7/15/2013.

This week the county sent a - day of death - appraisal at 30 percent more than the private appraiser. Each documents dated - day of death - on 7/18/12.

Should I have the land reappraised by a third party member for the trust, or do I forget about it and let the escrow go through.
Submitted: 1 year ago.
Category: Legal
Expert:  Roger replied 1 year ago.
Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question.

If the sales price has already been set, then it's likely no reason to get a new appraisal because its not going to change the sale price. The only reason it would be reasonable to do this is if the sale price could be changed based on the appraisal.
Customer: replied 1 year ago.

Thanks. The sale price has already been set. Since the sale price can be changed based on a new appraisel. Is it legitimate to cancel the sale based on new information. Would there be penalties. Could the potential buyers take me to court.

Expert:  Roger replied 1 year ago.
Whether you can cancel depends on the terms of the contract. Usually, the sales price for a contract can't be changed, and if you were to cancel, the buyer generally could sue for the breach of contract.

However, if your contract says you can change the sales price based on a new appraisal, then you would have that legal right. But, if the contract doesn't specifically give you that right, then you are likely opening yourself up for a problem.
Customer: replied 1 year ago.

Ok, one last question. If I did breach the contract based on the two appraisals being $400,000 apart. What would the judge rule in approximate dollar amounts, if I were to be sued. I want to know whether it is worth the breach.

Expert:  Roger replied 1 year ago.
You could be sued for specific performance, which requests court to force you to fulfill the contract, which in this case, means that the other party would ask the judge to order you to sell the property for the contract amount. It is a very real possibility that this would be filed.

Also, if a breach of contract action were filed, the damage would be any actual money losses and the additional cost of replacement. For instance, if the buyer purchased another home for more money than what he was going to buy your home for, you could be sued for that difference as well.
Customer: replied 1 year ago.

I am unsure you got this question.


In countering, the buyer requested;


"Close of escrow to be July 15th 2013 or 60 days after contingencies are removed.


 


My counter to this demand was to give them something rather than agree. I gave them shipping containers.


"Five containers to be left for buyer at not cost to Buyer.


 


The realtor said that this meant I agreed to the Buyers request. How does that make a contract? Then, the property was placed in escrow before my contingencies were met and that was a prequalification for the loan.

Expert:  Roger replied 1 year ago.
If the buyer accepted the counter offer, then there would likely be a valid contract. However, if the buyer didn't accept, then there would be no binding contract.

Customer: replied 1 year ago.

Yes but I didn't agree to his counter offer. I countered with the shipping containers in lieu of a closing date that was solid. How does this give me a closing date or an additional 60 days I didn't want them to have. My contingencies weren't met, but it went into escrow.


P.S. I have a hard head.

Expert:  Roger replied 1 year ago.
You didn't accept their counter, but they may have accepted yours. If they accepted your counter, then a contract could have been formed.

But, if it was clear that your counter did not include the 60 days, then they would not be entitled to that. The agreement would be whatever was in the counter you proposed.

I don't know what that is, but the terms should be stated in the final contract.
Roger, Attorney
Category: Legal
Satisfied Customers: 26702
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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