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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53721
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Situation: Need to sell the house in Utah. Similar house

Customer Question

Situation: Need to sell the house in Utah.
Similar house sold for just under 200,000 in the condo complex within the last three months. We listed at 175,000, and in 19 days, got an offer for150,000 and settled for 155,000. The appraisal, done by a newly certified appraiser and not local, came back at 133,000. The sale price was adjusted to reflect that number by the buyer/realtor and we were told that per FHA regs, that would have to be the sale price. We are scheduled to close very soon, but I feel I am being robbed. Especially since another offer has been received for 155,000(not FHA). Can I stop this? and how?
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Richard replied 1 month ago.

Hi Steve. My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 1 month ago.

Yes, you can get out of this contract. You can approach this one of two ways. One, you can simply terminate the contract by notifying the buyer of the termination and returning the deposit. Going this route, you would have some risk..that risk being: i) the buyer suing for damages...such as any costs incurred in connection with the purchase of the property and if the contract provides for specific performance, the buyer suing to force you to sell; and ii) if the listing agreement provides for a commission to be earned when a willing and able buyer is found rather than only upon closing, the payment of the commission. But, buyers rarely pursue the specific performance option even if granted in the contract. Two, almost all real estate transactions have issues...inspections, title issues, appraisal, financing, etc. You can simply say no to everything the buyer requests and pretty much make the process so unbearable the buyer terminates. In that case, you would have no liability. In my experience. buyers rarely pursue suits...they are interested in buying a house and don't want to get caught up in time-consuming and expensive litigation. And, it's important to not let the real estate agents try to intimidate you...they are only concerned with getting their commissions and will almost always threaten you with dire consequences in order to scare you into closing! And, if it's your broker telling you all this information, you can avoid paying any commission no matter what your listing agreement might say by letting the broker know that the information provided you was misrepresented and fraudulent.

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