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Closing date was 3/26/18, my agent texted that the sellers…

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Closing date was 3/26/18, my...
Closing date was 3/26/18, my agent texted that the sellers are not responding and may contest in the court. When we asked the buyer agent as to what basis is there for that?. she blamed us saying "we have been trying to back out of the contract from beginning and that we delayed this for a month now and backing out". We signed the purchase agreement on 2/24/18 and termination notice on 3/16/18 after getting the appraisal report on 3/15/18. So how is this fault of mine and how could they (seller) contest against us? and how is the buyer agent saying as this is all our fault for delaying it for 30 days. We were very prompt in responding. Also the appraisal report didn’t come in until a week before closing. After signing the termination, buyer agent told us that it’s the seller taking time to address the issue. Then they offered two options - either buy the house for lower appraised value or give them all of earnest money, which we declined on both of them, again promptly. Then they took time after that and finally buyer agent is arguing/blaming us on the whole issue.
Submitted: 2 months ago.Category: Real Estate Law
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3/27/2018
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 125,292
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

So I am confused, the buyer signed a termination notice on 3/16 based on the appraisal, so now the buyer still wants to go through with this? The seller offered to sell it for the lower appraised value and buyer refused.

The story as you typed it above is a bit confusing, can you clarify please?

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Customer reply replied 2 months ago
No the buyer doesn’t want continue with the deal and terminated on 3/16/18. Signed by buyer only. But the buyer agent also was blaming buyer for the additional 10 days after signing termination that the seller took in order to respond to termination
Customer reply replied 2 months ago
Also, buyer agent is blaming the buyer to backing out through out the whole process time since signing of purchase agreement and pushed us to sign another termination letter agreeing to release the earnest money to seller
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 months ago

Thank you for your reply.

Was there a contingency clause in the purchase agreement regarding appraised value?

Also, why did the buyer back out once the seller offered to reduce price to appraised value, which is a valid response to an appraisal that was lower than expected?

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