My husband and I accepted a contract on a house on May 5th. The close date was set for July 13th. The inspection came back with only a few minor items that needed taken care of that we addressed immediately. For some reason, it took the mortgage company until a week before to come out and do the appraisal. Unfortuneately the house appraised for around $4000 less than the sale price on the contract. We received a phone call the night before closing(Wed July 12th) that the buyers wanted out of the contract because they "had a bad feeling". We got a notarized letter stating that we were willing to accept the appraised value and that the contract should remain in full force and effect. Apparantly because the appraisal contingency clause was not checked on the Financing Addendum, we were told that our "counteroffer" didn't matter and that the buyer could still get out of the contract. We were told on 3:00 p.m. on the day of closing(after our house was packed up and ready for occupancy per the sales contract) that the buyer was not going to close and that we couldn't force them to buy the house. Do we have an action here? We feel like we were left with no rights in this deal and that we would have been better off standing in the driveway and shaking hands rather than go through the "legalies" of a sales contract etc. Keep in mind that they buyers were approved for $2000 more than the original contract price. | 
07-17-2000, 04:10 PM
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