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gimedaball

Guest
We're in escrow (Fremont, California). Original sale agreement was for $440k. 2 days after we signed that agreement, the buyers requested a sale price of $450k w/ a credit of $10k for closing costs. We agreed. Appraisal came in at $440k. The buyers want us to credit them $10k since the appraisal came in short of the required $450k. We got a 2nd appraiser to review and he found that he could come in at $450k. While we're waiting for that appraisal to officially come in, the buyers say that they don't believe it'll come in at $450k and that they are now offering only $440k and want us to credit them $10k...take it or leave it. We have a signed addendum saying they will buy the home for $450k w/ $10k credit for closing contingent on appraisal. We now have an appraisal coming in at $450k. Do they have a leg to stand on? If they decide to pull out of the deal, can they legally? It doesn't make sense to me since they have $5k in escrow as good faith...if they pull out they lose that but they're worried about a $10k difference? OR, are they simply playing poker to see if we blink and give them $10k from our pocket?
 


HomeGuru

Senior Member
gimedaball said:
We're in escrow (Fremont, California). Original sale agreement was for $440k. 2 days after we signed that agreement, the buyers requested a sale price of $450k w/ a credit of $10k for closing costs. We agreed. Appraisal came in at $440k. The buyers want us to credit them $10k since the appraisal came in short of the required $450k. We got a 2nd appraiser to review and he found that he could come in at $450k. While we're waiting for that appraisal to officially come in, the buyers say that they don't believe it'll come in at $450k and that they are now offering only $440k and want us to credit them $10k...take it or leave it. We have a signed addendum saying they will buy the home for $450k w/ $10k credit for closing contingent on appraisal. We now have an appraisal coming in at $450k. Do they have a leg to stand on? If they decide to pull out of the deal, can they legally? It doesn't make sense to me since they have $5k in escrow as good faith...if they pull out they lose that but they're worried about a $10k difference? OR, are they simply playing poker to see if we blink and give them $10k from our pocket?

**A: if the sale was subject to financing, the Buyer's lender has the final say to accept or reject the contract.
 

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