Legal Question in Real Estate Law in Michigan

Real Estate Appraisal vs Purchase price

We have a purchase offer that came in for our house $45,000 over the appraisal price. Once the buyers found out the appraised value, they withdrew their offer. We went back to them accepting the appraised value and they are still backing out of the deal. Are they not bound to the deal if we accept the appraised value? Do they loose their deposit?


Asked on 8/23/07, 1:34 pm

1 Answer from Attorneys
Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: Real Estate Appraisal vs Purchase price

It depends on how the contract was written. If it states that that the offer is contingent on the house appraising for the offer price or being able to obtain a mortgage for the offer price, then it may be that they can get out of the offer. In that instance, you should probably return the deposit.

Read more
Answered on 8/24/07, 8:36 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Michigan