Q: Seller is breaching an active RE contract? How to get her to abide by the contract she signed?
I have a RE contract for $83k purchase price on a Condo in Santurce. Appraisal came in today at $67k. In the contract the seller agrees to negotiate if the appraisal is lower than purchase price.
I have contingencies in the contract for the appraisal amount & me successfully obtaining a mortgage. The sellers agent emailed me today & threatened if we do not close by 10/7 at the $83,000 purchase price they will retain my $5,000 deposit.
How do I go about making them abide by the contract terms?
A: I'm assuming that you are referring to an options contract subscribed. I advise that you prepare a letter and send it via certified mail with receipt confirmation, whereby you (a) refer to the appraisal amount; (b) refer to the specific contract terms providing for good faith negotiation in the event of a lower appraisal; (c) state that seller's refusal to negotiate price in good faith based upon appraisal goes against compliance of the contract signed by both; (d) clearly state that if the option term transpires without the seller sitting at the table to negotiate the price, it would be in breach of contract by the seller, and thus you would be entitled to receive the option amount in full; and (e) should seller continue his/her/their course of action, you will pursue legal remedies.
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