What to do if I’m the seller of a home and the appraisal came back $5000 under agreed price?

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What to do if I’m the seller of a home and the appraisal came back $5000 under agreed price?

My wife wants to keep the house now, can they still hold me to the contract if they come up with the difference $5000?

Asked on November 20, 2012 under Real Estate Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Yes, if the buyer pays the full, agreed upon purchase price, whether by cash, financing, or some combination, the buyer can hold you to the contract. All that matters in this regard is whether they meet the price, not what the appraised value is, or what that does to their mix of financing (e.g. cash vs. mortgage).


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