Legal Question in Real Estate Law in Arizona

realstate appraisal

I was in contract to sell my home. I had an appraisal done and home appraised 444,000. The buyers appraisal came in at 410,000. All parties (buyers, buyers agent, seller and seller agent and loan company) said the property appraisal was not as high as should be. The buyers contested it and then the later that day...cancelled the contract based on the agreed inacurate appraisal. Help. I don't know exactly how to proceed. I have notified the title company and asked them not to refund their earnest money. I don't know what my chances are. What I really want is the buyer's appraiser's supervisor to redo the appraisal properly and present it to the buyer. I feel we have been damaged by the appraisal company and I want them to at least try to correct the damage....


Asked on 4/09/07, 1:59 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: realstate appraisal

Sorry, prices are going down. Appraisals are very subjective and lender's appraisers tend to be conservative. You won't win this one and your choices are to lower the sales price and maybe have a chance to sell the house to them or release them and move on. BTW - the title company has authority to make the decision and refund the earnest money if a standard contract was used.

Read more
Answered on 4/09/07, 8:32 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Arizona