Stafford, VA asked in Real Estate Law for Florida

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Seller would not negotiate and offer was withdrawn.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,

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1 Lawyer Answer
Richard Paul Zaretsky
Richard Paul Zaretsky
  • West Palm Beach, FL
  • Licensed in Florida

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.

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