Q: We were under contract to buy and close on a house June 10th. The guy backed out after his appraisal. Can we do anything
We had offered $5k more then appraisal value and he had accepted our offer and we were ratified.
A: Huh? You need a lawyer to read this contract. Generally, it is the BUYER who has the right to back out if the property doesn't appraise for the loan, because the transaction cannot be completed without the loan, so the contract includes a clause letting BUYER escape. It's got to be a weird contract, like as here, with a sliding price based on appraisal, where the SELLER would want to back out based on the appraisal. I'm guessing here that it appraised low, and Seller wants out. You should be looking for a way to stay in. Open the wallet and let a lawyer read your contract and understand what's going on.
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