W
warman
Guest
Texas
Sorry for the length.
I have a contract to sell my home on April 30, 2001. The contract is conditional based on the buyer obtaining financing. I called the buyer about 10 days before closing date and asked if we could move the closing to May 12th. The buyer agreed with the understanding that we would pay any prepaids incurred from May 1-12(up to $600). The contract was not modified to show these changes. The buyer is an attorney and works for the attorney's office that did the original closing on our property. The appraisal on the property was not ordered until May 8th and performed on May 9th. The morning of the 12th, the buyer called and said the appraisal was $10,000 under the contract purchase price. She said the sq. footage was 2340 instead of 2520. I verified with several sources(builder, original appraiser, myself, the attorney's homeowner's insurance agent) that the correct sq footage was approx. 2520. This should have increased the value of the home to the agreed purchase price. The buyer's appraiser corrected his measuring "mistake" and still came up with a significant discrepancy in value. The buyer would not give me either appraisal and used access of my appraisal from the original closing on my house to justify the difference between the two appraisals. The buyer offered to go ahead and buy the house at the lower appraised value and I said no.
1 Does she have the right to access my records at her law firm?
2 Since we did not close on April 30 with mutual consent to move to the 12th, is there a breach of contract on my part?
3 She is asking for her earnest money AND the estimated prepaids incurred from May 1-12 stating the low appraisal as the reason.
4 If I believe(and can prove) the value of the house is higher, do I have any rights? (I do have a clause to keep the earnest money or force the sale to go through upon the buyer's breach)
5 Can I ask for the appraisals to verify the buyers inability to obtain financing?
Thanks for any help.
Sorry for the length.
I have a contract to sell my home on April 30, 2001. The contract is conditional based on the buyer obtaining financing. I called the buyer about 10 days before closing date and asked if we could move the closing to May 12th. The buyer agreed with the understanding that we would pay any prepaids incurred from May 1-12(up to $600). The contract was not modified to show these changes. The buyer is an attorney and works for the attorney's office that did the original closing on our property. The appraisal on the property was not ordered until May 8th and performed on May 9th. The morning of the 12th, the buyer called and said the appraisal was $10,000 under the contract purchase price. She said the sq. footage was 2340 instead of 2520. I verified with several sources(builder, original appraiser, myself, the attorney's homeowner's insurance agent) that the correct sq footage was approx. 2520. This should have increased the value of the home to the agreed purchase price. The buyer's appraiser corrected his measuring "mistake" and still came up with a significant discrepancy in value. The buyer would not give me either appraisal and used access of my appraisal from the original closing on my house to justify the difference between the two appraisals. The buyer offered to go ahead and buy the house at the lower appraised value and I said no.
1 Does she have the right to access my records at her law firm?
2 Since we did not close on April 30 with mutual consent to move to the 12th, is there a breach of contract on my part?
3 She is asking for her earnest money AND the estimated prepaids incurred from May 1-12 stating the low appraisal as the reason.
4 If I believe(and can prove) the value of the house is higher, do I have any rights? (I do have a clause to keep the earnest money or force the sale to go through upon the buyer's breach)
5 Can I ask for the appraisals to verify the buyers inability to obtain financing?
Thanks for any help.