Profile picture for dagousmc666

can i get out of a contract for sale and purchase if an addendum to the contract can not be met afte

an addendum to the original contract was to purchase an additional 1/2 acre ajacent lot for $50,000 for a total purchase price of $215,000 but the underwriter for the mortgage company says that the appraisal is to high for the two sites combined....this addundem was signed  30 days ago
  • September 11 2011 - Winter Haven
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Answers (5)

Best Answer

Did you have a finance addendum which states if your lender is unwilling to give you the money you can cancel the purchase agreement and get your earnest money returned?
  • September 11 2011
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If you are within the contractually allowed period where you can exercise your finance addendum, it appears that you should be able to exit the contract and receive your earnest money. Before requesting that the contract be voided, talk to either your real estate agent (if you have one) or speak to an attorney. They can go through the contract to ensure you are within your contractual rights to exit the purchase agreement.
  • September 11 2011
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Profile picture for smpearson
In many cases if the appraisal comes back as being less than the agreed upon purchase price you have several choices. 1) Accept the appraisal and over pay for the property. 2) Call for another appraisal. 3) Re-negotiate the purchase. If you can't re-negotiate an agreeable price then the deal is usually terminated and the earnest money is returned to the buyer. Bottom line is have a conversation with your realtor and let them know what you want to happen.

Best of Luck
  • September 11 2011
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Profile picture for dagousmc666
yes,Mr. MIKE EMERY..it states that in the original contract
  • September 11 2011
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Profile picture for dagousmc666
this contracts reads os follows: "appraisal ot the property obtained by buyers lender is insuffient to meet the terms of the loan commitment then the buyer shall retain any deposit "
  • September 11 2011
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