Hey Everyone,
I figured someone on here may be able to help me out or lead me in the right direction.
Recently my wife and I started the process of purchasing our first house. I won’t bore you with all of the drama, but essentially we settled on a price of 217k with the seller (we had to overbid). However, the seller added a condition in the purchase agreement that we would agree to pay only up to 5k over the appraised value should the appraisal come in low.
The appraised value came in at 198k meaning based on the agreement we are responsible for 203k and they have to make up the difference. Of course they are not happy and it looks like they are going to try and back out and relist their house.
Does anyone know what our options are here? Is that even legal?!?!
Thanks for your help and Go Bucks!
I figured someone on here may be able to help me out or lead me in the right direction.
Recently my wife and I started the process of purchasing our first house. I won’t bore you with all of the drama, but essentially we settled on a price of 217k with the seller (we had to overbid). However, the seller added a condition in the purchase agreement that we would agree to pay only up to 5k over the appraised value should the appraisal come in low.
The appraised value came in at 198k meaning based on the agreement we are responsible for 203k and they have to make up the difference. Of course they are not happy and it looks like they are going to try and back out and relist their house.
Does anyone know what our options are here? Is that even legal?!?!
Thanks for your help and Go Bucks!
