No longer able to sell my home

[edaniels805]

We are located in Ohio. Today we found out that the house that we are under contract to buy appraised for $22K less than the price we agreed to buy it for. The sellers are not willing to sell us the home for the lower appraised value, so the contract has been cancelled. Unfortunately, my current home is under contract and I no longer wish to sell it because we lost the house we wanted to buy and our offer/counteroffer on another house have been rejected. In our selling contract, we stated the sale of our house was subject to us finding suitable housing. Is there any legal way we can get out of the contract to sell our house without ending up in a legal battle? I thought that was what the 'subject to finding suitable house' clause was about. Thanks.

[lcannister]

What does you agent say concerning this matter? Someting makes you doubt the legal ramifications for that statement so who told you what concerning your "suitable housing" clause?

I've other comments but these need answers first. If that clause does NOT hold up, your agent could sue you for his her commission, the buyers could sue for breach of contract and so on.

[nextwife]

Why not attempt to find another home that meets the needs that made you seek out a different home in the first place?