Q: Have a situation where a buyers bank appraisal was lower than our contract price. The buyer had an appraisal rider
in the contract. They verbally agreed through their agent to honor our agreed upon contract price which happened to be 8K higher than their appraisal. We listed our house on Zillow so are in essence representing ourselves Should we require the buyers to sign an amendment stating that they agree to pay the difference at closing? Their agent stated the following - "An amendment is not necessary. Actually my email was not necessary but I just wanted to let you know. A buyer only has to put in writing if they are not moving forward". Is this an accurate statement?
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.