Legal Question in Real Estate Law in California
We are selling our house. THe buyer made an offer and we accepted it. They got the house appraised and it was appraised lower than our asking price. They now made an offer for that price. Can they do that if the previous offer was already accepted?
2 Answers from Attorneys
They probably can. The contract probably had an "apprasial contingency." What that means is that if the property does not appraise for the agreed price the buyers are not obligated to go through with the contract. They have the option to either declare the contingency not met, and withdraw from the contract, or offer a modification that would change the price and then remove the contingency. They are trying the latter option. You are then free either to demand that they remove the contingency without altering the price, or accept their proposed modification.
Yes. They can't get a loan for a 'deal' more than the appraisal. Hard fact of life, you either reduce the price or they back out.
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