- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (12)
- Beata & Jim Sharpe, "bsharpe13"
- Contributions:55
A seller can back out for any reason but the buyer can sue him for specific performance and all the cost the buyer has incurred while buying this home (inspection fees, airline tickets, hotel stays, contract on buyer's home and so on.).....
- Zeta Cross, "ZetaCross"
- Contributions:126
Why would you want to? I truly understand your dismay, but what you have to understand is that your house is worth what real buyers with money are willing to give you. Appraisers do their best. We have had nightmares lately where appraisers get very conservative and appraise houses lower than the sale price. Believe me when I tell you that you are lucky! If you had a respected local realtor and your house was on the market long enough to get you ten or so showings and you only got one offer...that is what your house is worth. Underpriced houses sell in 3 days with multiple offers. If you had good advertising and several weeks exposure in the marketplace....and you got only one offer, that is what your house is worth.
- Mark & Alejandro, "APMD"
- Contributions:17
Being a realtor, my best advice in this case in many others concerning contracts is always seek advice from an Attorney, CPA, Financial advisor etc. For many agents might have the right answer, but in our field of expertise is not the law. my opinion only
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
Glen: Contact info is prohibited in posts.
Also, your advice is inaccurate....a seller can be forced into options like specific performance (forced sale) on a property by a court, so the seller does not always have the option to back out. They would need an attorney to review and give actual advice and it would be subject to jurisdictional laws and at the pleasure of the judge. There are also issues with your assessment of consequences of a buyer backing out, but since it doesn't apply to the OP's question I'll save that for another day.
OP: you need to see a real estate attorney. A real estate agent license does not make one legally competent to answer contract law questions. I am not an attorney, and cannot provide you more than a personal opinion - please put in a call to an attorney or a legal aid line in your area.
Also, your advice is inaccurate....a seller can be forced into options like specific performance (forced sale) on a property by a court, so the seller does not always have the option to back out. They would need an attorney to review and give actual advice and it would be subject to jurisdictional laws and at the pleasure of the judge. There are also issues with your assessment of consequences of a buyer backing out, but since it doesn't apply to the OP's question I'll save that for another day.
OP: you need to see a real estate attorney. A real estate agent license does not make one legally competent to answer contract law questions. I am not an attorney, and cannot provide you more than a personal opinion - please put in a call to an attorney or a legal aid line in your area.
- Dan, "the_country_hick"
- Contributions:4693
You agreed to sell at a agreed on price. Why should the appraisal change the legal contract you entered into/
A legally binding contract is just that. A legal paper that you have to live up to.
If the buyer wants to modify ant part of the contract you can refuse. Otherwise, the sale should continue.
if the agreed on in writing date passes with no sale completed then the contract is voided by non-performance. In essence you gave them until monday to buy. If they wait until tuesday you can choose to agree or deny the time extension.
A legally binding contract is just that. A legal paper that you have to live up to.
If the buyer wants to modify ant part of the contract you can refuse. Otherwise, the sale should continue.
if the agreed on in writing date passes with no sale completed then the contract is voided by non-performance. In essence you gave them until monday to buy. If they wait until tuesday you can choose to agree or deny the time extension.
- Glen Hagen, "Prudential1"
- Contributions:527
Simply put, either the buyer or seller can change their mind if they wish after they've gone to contract - with liability.
If it's the buyer, (s)he will probably lose the deposit. If it's the seller, (s)he probably will be required to compensate the buyer. Best place to go would be to the attorneys for complete and correct information.
In New York, the appraisal is usually higher than the selling price in order for the transaction to be processed.
Good Luck!
[link removed by moderator]
If it's the buyer, (s)he will probably lose the deposit. If it's the seller, (s)he probably will be required to compensate the buyer. Best place to go would be to the attorneys for complete and correct information.
In New York, the appraisal is usually higher than the selling price in order for the transaction to be processed.
Good Luck!
[link removed by moderator]
- Meg Russell, "GreenBrokerMeg"
- Contributions:16
A seller putting his or her home on the market, in ANY market where there is a big valuation questionmark, and that applies to almost all markets right now, should have been advised by agent to get an appraisal first before setting a purchase price. If the agent advised that this price was probably below market and would therefore ensure a quick sale, then that seller has no recourse, but if the agent quietly underpriced this home, then there could be problems all around. The buyer has every right to pursue this deal and sue for specific performance, but, in practice, if the seller walked away and returned the earnest money, the buyer would probably not pursue this avenue. I am sure attorney advice is warranted here. Good luck!
- Stephanie McCarty, "snellvilleagent"
- Contributions:521
I've never heard of a seller doing this before. My question would be why would you want to? I mean, if you want or need to sell in this market. . .Best to speak with your agent and an attorney if you are thinking that you want to back out. If you listed the property for sale and it was sold at full price, I've heard of cases where the brokers have a case for commission if the seller does not consummate the transaction. Legal advise necessary to make a wise decision here and understand the potential for consequences. Good luck.
- broker_GRI
- Contributions:3454
You really need to call an attorney.....today.
- see7states
- Contributions:5
I signed a purchase agreement without getting an appraisal. Buyer's bank ordered an appraisal and it came back significantly higher then the agreed price. There is no contingencies for this in the purchase agreement. If the closing date expires before sell is complete, would this be a legitimate way out of the agreement?
- broker_GRI
- Contributions:3454
It really depends on what the contract says. In Ca with C.A.R. contracts where no other provision has been made, no.
What state are you in?
What is the situation?
You may need to contact an attorney.
What state are you in?
What is the situation?
You may need to contact an attorney.
- wetdawgs
- Contributions:26800
It depends on the contingencies in the contract. I've never seen this contingency.
Can a seller back out of a purchase agreement if the appraisal higher then selling price
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.