Q: In a sale contract to purchase a home and buyer's ban appraisal comes in $22,000 less than price, can buyer renegotiate?
Can buyer have a clause in offer of contract to renegotiate sales price if bank appraisal comes in lower? House sale is "as is". Contact not yet given or made and house was an REO now with an LLC owner.
A:
Yes. Parties can include almost any clauses in a contract. A contract is part of negotiating the sale, you can do anything that is not illegal.
You should think through all of the contingencies of such a clause if you choose to include it. For example, what happens if the seller rejects your new offer? Is the deal terminated entirely? Engaging an attorney who is competent in the sale of real estate will help ensure that your contract achieves its intended result.
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