Legal Question in Real Estate Law in Florida

We signed a residential contract for sale and Purchased on July 19th 2011. Our purchase price was $117,500. We have been approved by the bank for this amount and gave the seller a letter stating so.

We had a appraisal done on 7-29-11. The property was appraised at $109,000.

We were told by our agent that the seller and there agent are working on a solution and they disagree on the appraised value.

What are our legal rights in the process. It seems we are being kept in the dark. Does the seller have to lower his price?

Thanks Tony


Asked on 8/02/11, 4:44 am

1 Answer from Attorneys
William W. Fernandez, Sr., J.D. Law Ofc. Wm. W. Fernandez, Sr., J.D., Atty. at Law

No! U signed a contract that apparently did not include language that it was subject to an appraisal. Hope U have another escape clause; otherwise U paid $8,500 too much. Did U use a lawyer to draft this contract?

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Answered on 8/02/11, 6:31 am


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