Edison, NJ asked in Contracts and Real Estate Law for New Mexico

Q: Can Buyer "cancel" a Self-created Real Estate Contract with NO Contingencies, because appraisal was lower than contract?

Real Estate Contract

This contract is made on May 28, 2019, by *** and *** (Seller) and *** and *** (Buyer)

Seller agrees to see to buyer the following described Real Estate: The Property address is ****** , Las Cruces, NM 88011. The Property is located in *** Subdivision (legal description)

Parcel # *-***-***-***

Buyer will pay $525,000 for the property and following personal property:

Hot Tub, 2 Televisions, 1 Fountain, Stereo Equipment, Washer and Dryer, Refrigerator, stove, Patio Furniture, gas bbq, and various garden tools.

Buyer and seller agree to pay settlement costs per local customs.

---------This is the wording of our agreement, signed by all parties.

Appraisal came in $50k below contract price.

/Do we have legal recourse if they try to simply cancel this contract? Closing is currently scheduled for 7/26.

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1 Lawyer Answer

A: Lawyers are very intelligent and highly trained professionals--but we are not soothsayers; nor do we do crystal balls. Therefore, I am constrained by a fundamental law of the universe (being unable to know what the future may bring) and am unable to opine on your current dilemma. Advice: wait and see.

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