Legal Question in Real Estate Law in Georgia
We put a contract on a new construction home on November, 10 2010, with an expected close date of Jan 31, 2011.
We just got the appraisal back today and it appraised 35k, less than what we offered. We don't have the extra cash and so I'm wondering what happens?
Our contract states that we can do an appraisal and if it comes back less than the the purchase price that the buyer would have 14 days from the "binding agreement date" to notify the seller asking for a reduction.
HELP - is this right? Were we suppose to do the appraisal within 14 days? I thought it would be 14 days from the time of the appraisal, not the agreement. The mortgage company is the one that ordered this, not us. We can't walk away as we have $20k earnest money down.
1 Answer from Attorneys
No one here has the agreement to review. As far as what you "thought," that is not relevant as far as what the contract actually says. The remedies for your breach might be in the contract. Read it. It may or may not limit damages to the earnest money. From your post, the seller might argue they are out $35,000 or more if you breach the contract.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
