Q: Is the original purchase agreement still valid?
I entered into an agreement to sell my home. Subsequently the buyer's appraisal came back for an amount less than the agreed upon sales price. The buyer came back with a new offer (via email) less than the original sales price. We refused and indicated that we were no longer interested in selling the home. THe buyers then came back and said they would pay the original price and that the original contract was still valid and we couldn't cancel the sale. The purchase agreement allows the buyer to walk away if the appraisal comes back lower than the sales price or they can honor the original contract. Does their new offer after the appraisal invalidate the original purchase agreement? Can we walk away or are we still forced to sell?
A: From what you have indicated, it appears that they can enforce the contract. But you should run it by an attorney to be sure.
A: Consult with a real estate attorney in your area. The attorney needs to review the contract to be able to answer your questions.
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