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My contract with the buyer

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czart

Junior Member
What is the name of your state? Pa.

My house in under contract with a buyer. The buyers financial institution did and appraisal of the home. It came back much lower than the buyer agreed to pay for the home. I disagree with the appraisal service. We had our house appraised by an accredable appraisal service and It is in line with what our house sold for. We also had a market analysis done by a real estate agency and it was appraised for more than what our selling price is. Now the buyer wants us to sell our house to him for the amount that was on the appraisal done by his financial institution. By the way we are talking about $33,000.00 less than what he agreed to buy our home for. What rights do we have to hold him to the agreed price. Can we fight the appraisal that was supplied by his financial institution. We have proof that our house is worth what it sold for.

Thanks! :confused:
 


Shay-Pari'e

Senior Member
No you cannot hold them to the agreement. Why do you keep referring to your house as,"SOLD"?

The buyer is under no obligation to go by your appraisal, only the one they dished out to pay for.
 

PghREA

Senior Member
czart said:
What is the name of your state? Pa.

My house in under contract with a buyer. The buyers financial institution did and appraisal of the home. It came back much lower than the buyer agreed to pay for the home. I disagree with the appraisal service. We had our house appraised by an accredable appraisal service and It is in line with what our house sold for. We also had a market analysis done by a real estate agency and it was appraised for more than what our selling price is. Now the buyer wants us to sell our house to him for the amount that was on the appraisal done by his financial institution. By the way we are talking about $33,000.00 less than what he agreed to buy our home for. What rights do we have to hold him to the agreed price. Can we fight the appraisal that was supplied by his financial institution. We have proof that our house is worth what it sold for.

Thanks! :confused:
Appraisals are done for many reasons, tax/insurance purposes, current market value, refi value, etc. However, the results should not be that far off. Current market value is what the lender is looking for. The only way to settle this is to have a 3rd appraisal done. The lender may still chose to go with the original appraisal.

In this case, the lender is not going to approve the loan unless the Buyer puts over $33k of his own money down on the home. I doubt if the Buyer would be willing to pay $33K more than he thinks the home is worth.
 

HomeGuru

Senior Member
In this case, the lender calls the shots. You can order a review appraisal by an appraiser approved by the lender.
 

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