Real Estate Law
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Can you provide me a bit more information? Does your existing contract have a contingency with regard to the appraisal and/or financing? Thanks!
Thanks for following up. First, you want to confirm that the contract actually does have a contingency for the appraisal in it because brokers aren't the most reliable sources as they have one thing they care about...the commission. And, the only way they get their commission is if the deal closes. So, they have a conflict of interest in giving counsel. Second, even if the contract does have such a contingency in it, check to see if the time has passed. And, third, even if the first two are satisfied, you have the right to contest any termination due to this contingency because the initial appraisal did satisfy the contingency and there was no reason for the second appraisal. So, I would NOT agree to a lower price and I would insist they close under the original contract or you will be holding them in consent and retaining their deposit.
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If the contract expired and they didn't close, I would retain their earnest money because you did get a satisfactory appraisal and I would not enter into another contract with this buyer for a lower amount. If your broker tries to convince you to do so, ask the broker if he's willing to pay the difference from his commission. :)
Good morning. It's not the appraisals themselves, but the appraiser. There was a law passed in May giving lenders more input on who does the appraisal. Who picked this first appraiser? And, can you provide me your specific language in the contract? How much is the earnest money?
Good morning Adrienne. It's truly my pleasure to help! :) Let me know as soon as you locate the contract. The specific language will allow me to determine your alternatives with more specificity. :)