Breach of contract to purchase

[DIDE]

I am a Maryland resident. The buyer for my home signed a contract to purchase at a set price ($450,000). However, when it was appraised for $420,000, the buyer said he would no longer complete the transaction even though the original contract was not contingent on the lender/bank appraisal because he only needed to obtain a mortgage for $150,000 of the purchase price. Still, he backed out of the contract, claiming that his "financial advisor" advised that he back out unless we amended the purchase price to $420,000.. The financial advisor works for Merrill Lynch I believe. I know we can bring a breach of contract action against the buyer, but I would like to know whether we can bring a "tortious interference with contractual relations" suit against this financial advisor as well?

[DIDE]

bump to see if anyone has any insight...

[BradleyS]

Advise you to have another appraisal completed by an appraiser that is very experienced in your area. Interview the appraiser, check his experience and knowledge. It might cost you 300-500 bucks. But you'll have a better idea what your home is really worth, and maybe if the appraisal is $30k higher than the first one, the buyer may accept it and close the deal.

I would make sure the appraiser is aware of any special ammenities that may increase the value of your home. Some appraisers only look on the outside...they don't see the finer things.

Personal Note:
I really can't blame the buyer for not wanting to lose $30K. Could you?

Additionally, whomever wrote the contract that excluded the financing contingency should be fired.