Q: I listed my house "as is". Got offer for full price. Buyer is going with a conventional mortgage. The house didn't pass
appraisal. The buyer wants to do the repairs so it passes, but wants me to reimburse him at closing. Doesn't that void the "as is" contract he signed?
A: Without knowing what the agreement of sale says, it’s difficult to answer any question about it. In any event, if the buyer’s financing fell through, the agreement probably allows you to terminate the agreement. I doubt the agreement would allow the buyer to even enter onto the property without the seller’s prior written permission, let alone allow the buyer to make improvements to the property. I suggest you engage a real estate attorney to review the agreement of sale and advise you of what your next steps should be.
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