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Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34106
Experience:  30 years of real estate practice experience.
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We have an excepted offer on a house. Purchase price to be 385k. If th

Customer Question

We have an excepted offer on a house. Purchase price to be 385k. If the house appraised for less than contracted price we agreed to pay 5k over appraised value. Appraisal was 365k. Making price 370k. Seller is not happy with appraisal and new price and are trying to get out of the deal. Refuse to sign off on new price. Their realtor had listed the house at 375k. All involved on our side knew it would not appraise that high so that is why we wrote the offer the way we did. Sellers are now pressuring their realtor to re-list the house.
We do not want to lose the house. What steps should we take?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Loren replied 2 years ago.
Thank you for using JustAnswer. I am Loren, a licensed attorney, and I will do whatever I can to answer your question.
So long as you are not in breach the seller is obliged to sell you the house. Their refusal would be a breach for which you could sue for money damages and injunctive relief.
Let the seller know that you are not releasing them from the contract and a lis pendens will be filed.