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?
A: If it's not in writing, it didn't happen. The terms of the contract changed if the appraisal contingency was not met and the buyers want to complete the transaction anyway. You should consult a lawyer to formalize the arrangement.
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