Q: Agreement of sale signed, contingent upon VA appraisal. Appraisal came in considerably under agreement.
Seller would not negotiate and offer was withdrawn. Bank would only finance VA appraised value. Withdrew from contract. Home was placed back on market and now is pending. VA did a ROV and increased appraised value to a figure that would have worked for the sale. Do I have any
recourse with Bank or VA?
We have lost that home due to the under valued appraisal by VA,
A: You could negotiate again with the seller and try to enter into a new contract at the known appraisal number. But since you did not get an extension of the contract while the ROV was pending and instead terminated it based on the lower appraisal, you have no recourse against anyone.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
