Q: We signed a contract to sell our house for $229,000. If the appraisal comes LESS than that can we

Q: We signed a contract to sell our house for $229,000. If the appraisal comes LESS than that can we cancel the sale of our home? If the appraisal comes MORE than that can we cancel the sale if they do not want to pay the difference? Are we responsible for ANY costs for both sides if we cancel the sale?
A: Remember that regardless of how your appraisal comes in, you have a contract with a buyer. If the appraised amount comes in low, the buyer has the right to terminate the contract and recover their earnest money. If the appraisal comes in high, this contract is still enforcable unless someone has written in an exception to the standard contract. Typically, if you cancel last minute travel web sites the contract, the buyer has the right to sue you for performace. But, also, if you have a real estate last minute travel web sites agent involved, the real estate agent has the right to sue for commission based on the contract. If you even consider terminating this contract, you should consult an attorney. Carolyn Mitchell is a Realtor® with D. Schafer Realty-Bella last minute travel web sites Vista in Bella Vista, AR.
A: If the appraisal comes in lower than the contract price then yes, you may cancel. However, if it comes in higher you may not cancel and the buyer is not obligated to pay for the higher appraisal. At least that s how it works in NJ. Maria Picardi-Kenyon is a Realtor® with Re/Max Tri County last minute travel web sites Realtors in Hamilton, NJ
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