Posted by River City on December 18, 2005 at 10:33:29:
You are not in breach as long as your purchase offer stated that the home had to appraise for the sales price.
seller suing for low appraisal termination - Posted by Loree
Posted by Loree on December 14, 2005 at 20:13:13:
We contracted to buy a house for an agreed sales price of $174.900.
Appraisal came back at $167.000. The Lender only approved the loan for $167000, unfortunatly,we did not know about the low appraisal or the loan amount until we went to closing. Contract had an appraisal contingency. We offered to buy the house for $167,000. Sellers wanted to get their own appraisal, but our lender told us they were happy with the appraisal and $167000 was all we were going to get. Tried to renogitiate for 5 days,but the sellers were waiting for their own apprasial to come back. We finally gave the buyer a deadline of 5:00 pm Sunday, the last day of the month. We were supposed to be out of our rental by the end of that day, and we needed to let our landlord know if we needed to stay. Sellers came back with offer of 168.500 at 6:30 p.m Sunday. We declined and told them we no longer wolud purchase the home because we already made other commitments with landlord to stay. Are we in Breach?