So we have a contract for our new house and in the contract it states we will pay $5,000 above appraised value up to the agreed purchase price.
The appraisal came back $20,000 less than purchase price. Are sellers not obliged to take the appraised value + $5,000?
The home had an additional appraisal done in early April for previous buyer (deal fell through) and that appraisal came back close to our purchase price agreement. Is that appraisal even still relevant?
In a sticky situation and trying to understand our options.
Thanks!
The appraisal came back $20,000 less than purchase price. Are sellers not obliged to take the appraised value + $5,000?
The home had an additional appraisal done in early April for previous buyer (deal fell through) and that appraisal came back close to our purchase price agreement. Is that appraisal even still relevant?
In a sticky situation and trying to understand our options.
Thanks!
