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I represent a Buyer on a property that was listed for

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$219,000 way over priced the...
I represent a Buyer on a property that was listed for $219,000 way over priced the agreed price of the property was $197,000. We had all the inspections done in a timely manner within the 10 day period. Home inspection did not fair well there was approximately $!5,000 in repairs, plus other minor issues. I informed Selling agent of these issues by phone then it took approx 10 days for the appraisal to come back and the house only appraised for $190,000. I let the agent know this also by phone she told me she would not tell the Sellers the value of the house because it was worth the $219,900 and they were taking a loss as it was. She requested a copy of both the Home inspection and appraisal and sent them to her. My Buyers Lawyer also received a copy of these. We signed a mutual release but sellers refused to sign agent stated Sellers were placed in a financial and emotional hardship. They could still market the house and she had told me there was another party interested in the house so she could still sell the house. My Buyers Lawyer has sent 2 letters requesting the return of the EMD but they will not sign. From the time I contacted the Selling agent in regards ***** ***** and appraisal it was all done verbally no documentation between us so it is her word against mine. What options do we have, Prequal letter stated satisfactory appraisal. I want my Buyers EMD given back to her. Will she need to take Sellers to court to get it.
Judy Lamphere BHHS Mi RealEstate.(###) ###-####
Submitted: 2 years ago.Category: Real Estate Law
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12/28/2015
Real Estate Lawyer: Loren, Lawyer replied 2 years ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 35,837
Experience: 30 years of real estate practice experience.
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Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.

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Real Estate Lawyer: Loren, Lawyer replied 2 years ago

Was the buyer within their contractual rights to terminate?

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Real Estate Lawyer: Loren, Lawyer replied 2 years ago

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