Usually when it appraises lower there is a renegotiation. Sometimes the seller has the right to lower the price to the appraised value, and if they do that, you can’t “opt out”. As I said before, I don’t know what your contract says, but I do know your are not responding appropriately to the situation at hand.

Sorry I missed this yesterday. I don’t know what the “must appraise” clause says in your contract. I don’t know how well the finance contingency protects you. I don’t know if you followed the appropriate written notifications when it did not appraise. You can’t just “say you don’t want it now”…there are things you need to do, and it may be too late for you to do them.

If you don’t have an agent, you clearly should have had one. I don’t always say that, but you should not be buying a house without an agent as you are not responding to this issue in the appropriate way. It is not likely that you can enter into a contract without a lawyer and/or an agent. Don’t do that again.

Contract provisions regarding the timeframes you must act in regarding your loan and appraisal are very, very time sensitive and complex. You need someone there who is reading the contract. You can afford an attorney for a short consult…go do that. If you can’t afford that, you shouldn’t be buying a house.

Sorry to be so abrupt and even rude, but you don’t have much time. These matters are very time sensitive.

As to the seller adding that after you signed it, you simply do not understand the sequence of offer, counter offer. You signed it saying you want the money back and they changed it to no you don’t get it back and they signed that. I have seen an addendum look like that before. I totally understand what you are saying, and you need to do somethings to legally protect yourself. If you have an agent they can do what needs to be done. If you don’t have an agent…why not…and get a lawyer involved, pronto.

Here’s Craig’s answer to the NWMLS forms issue. It is NOT legal advice as he is AN attorney, but not YOUR attorney But thought it might be of some use to you in helping you sift through all of the information you can.

“As for your question about a FSBO transaction where the parties inappropriately use an NWMLS form contract: Without giving any specific advice, I believe that this probably would NOT give rise to any basis for walking away and getting a return of the earnest money. The means by which the parties obtained the form contract is not relevant to a determination as to its terms and binding nature. The NWMLS could certainly go after either or both parties, but as between them I think the issue would be irrelevant.”

It was up on the seller disclosure post that I asked the question of Craig, so I brought it over here for you just in case.

My thoughts were on the front page of the PI yesterday, above the fold to the right of Obama’s stimulus package But seriously, my thoughts for specific sellers are individual and property specific and client specific based. If you are still thinking For Sale by Owner is best for you, good luck. If not…give me a call.

actually the buyers are roughly the same age, professional people and probably more educated than myself. sounds like a compromise would be better. move on and not stew about this any longer. even though I still feel I am right, it may not go my way. Thank you so much for talking to me, I appreciate your straightforeward advice.

On a sidenote in my area the market has droped a good 15 percent .the house is a beautiful property and is sitting vacant. I now need to make a decision to rent the home for a few years and wait for the market to rebound or sell the home at a reduced price. We both have good stable jobs , are financially secure and are able to make the payments.

I personally feel it may take awhile for prices to return to their previous levels and renting could cause a whole new set of problems. any thoughts? THANKS

My point is, if the Judge feels sorry for the buyer and feels like he was duped in any way, there’s a way for the Judge to rule in favor of the buyer. Are you a lot older and wiser than the buyer?

Like I said many comments ago…every one in the Court Room is abslutely sure they are right and going to win. Your buyer will feel that way too, just as you do. Rarely will the Judge split the money. One of you will lose.

Even lawyers, and possibly only lawyers, have to buy them. They are produced for mls members and paid for by mls members. Not just the papers themselves, but the lawyers who update them continuously. You basically “stole” them from the mls, I guess, even if an agent gave them to you. In fact the agent who gave them to you is likely subject to a $5,000 fine for doing so.

So if we go back to your original comment, “a contract is a contract” theory…this may not be a contract at all. Something else to think about.