Legal Question in Real Estate Law in Texas
If a property that is for sale and under contract does not appraise out for the contract price and seller will not come down to the appraised value and threatens to back out of the contract what recourse does the buyer have
Asked on 11/27/15, 12:09 pm
1 Answer from Attorneys
Joseph A. McDermott, III
Attorney at Law
If the standard 2015 TREC form contract is used and the financing contingency is checked, buyer may be able to get his earnest money back. Absent a provision letting buyer cancel for non-approval of financing, buyer likely has no recourse and loses his earnest money.
Answered on 11/27/15, 1:42 pm
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