M
Melog
Guest
What is the name of your state? California
The appraiser the lender sent out appraised the value of the home to be $45,000 less than the purchase price. Our agent recommended we get a 2nd appraisal for which he was willing to pay for. The lender didn't mind. The 2nd appraisal came out $10,000 less than purchase price. We attempted to re-negotiate the price to match the appraised value. (We checked the "must appraise" box on the purchase contract). The irrate seller went out and got his own appraisal that came in at full price. I did not accept this appraisal and re-requested the price come down to match my appraisal. The seller refused and sent us a statement that he would reduce the price by $5,000 if we signed an agreement. Seeing this as a compromise we agreed. After we moved in, the seller is now attempting to bring us to mitigation to effectively sue us for the $5,000.
What can I do? Getting legal counsel will probably cost almost the entire $5K! Do you think he has a case? Oh, and the seller is a lawyer. I appreciate any help you can provide.
The appraiser the lender sent out appraised the value of the home to be $45,000 less than the purchase price. Our agent recommended we get a 2nd appraisal for which he was willing to pay for. The lender didn't mind. The 2nd appraisal came out $10,000 less than purchase price. We attempted to re-negotiate the price to match the appraised value. (We checked the "must appraise" box on the purchase contract). The irrate seller went out and got his own appraisal that came in at full price. I did not accept this appraisal and re-requested the price come down to match my appraisal. The seller refused and sent us a statement that he would reduce the price by $5,000 if we signed an agreement. Seeing this as a compromise we agreed. After we moved in, the seller is now attempting to bring us to mitigation to effectively sue us for the $5,000.
What can I do? Getting legal counsel will probably cost almost the entire $5K! Do you think he has a case? Oh, and the seller is a lawyer. I appreciate any help you can provide.