Q: We just purchased a house under a Virginia Real Estate contract.
All parties agreed on price and signed. Can the seller back out because the appraisal came in higher than expected?
A: There are certain contingencies in a NVAR form real estate contract, revised as of July 2019, if that is what was used. There may or may not be an escape clause in the real estate contract you signed. The best way to know if to hire an attorney who can review the contract and give you a formal opinion.
A: It's very likely that backing out "because the appraisal came in higher" will be a breach of contract, but a lawyer reads the actual contract and looks for better reasons that the seller can -- or can be prevented from -- reneging.
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