Legal Question in Real Estate Law in Bahamas

High than appraised value

We signed our sales agreement and paid the down payment on the property. In order for us to get the property financed we had to get it appraised. Upon get the property appraised we found out the the sellor was selling it for $2000 more than the appraised value. As a result the bank is not willing to financed original cost of the property but only the appraised value. The seller is not will to drop the price. What can we do? I don't want to lose my dp of about $7K


Asked on 6/27/07, 8:39 pm

1 Answer from Attorneys
William Gouthro Gouthro & Co.

Re: High than appraised value

Usually your sales agreement would give you the opportunity to cancel the agreement and have your deposit returned if you did not get the financing. If your sales agreement did not allow you to cancel in the event you did not get the financing then your only choice is to pay the additional $2,000 and thereby save your deposit of approx. $7,000

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Answered on 6/28/07, 9:37 am


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