if the appraisal comes back lower the sale price what effect does that have on the sale of the house?
2 Answers from Attorneys
I am not sure if you are the seller or prospective purchaser; nevertheless, here is your answer: Based on the information provided above, Ii you are the purchaser you may cancel the contract as the bank will not agree to provide the full amount of the mortgage requested and necessary to purchase, you may renegotiate the sales price or agree to provide additional cash at closing. If you are the Seller the same applies but you are under no obligation to renegotiate but your purchaser may cancel under the mortgage contingency clause in the contract. The answer has been provided given only the information provided thus may not be relied upon as legal advice. You may call my office to discuss further Best regards, Keith A. Singer, Attorney At Law 732-749-3700
ask your lawyer. if your lawyer can't answer the question, fire the lawyer and get someone who knows what they are doing.
call me if you want me to assist.
Robert Davies, Esq.
201 820 3460